FAQ Search Results

Capital is just another way of saying 'the money you invest'. There’s always a risk with investing that you might not get back everything you put in as markets can go up as well as down depending on a variety of factors.

Why invest in one company, when you can invest in them all? That’s the essence of passive investing. Instead of putting all your eggs in one basket and relying on one particular company to perform well, you spread your money across all of them, so that you benefit from their collective strength. To do this, you need funds like Mutual Funds, which are known as passive investment vehicles. These let your money track an index like the FTSE 100, which is composed of the 100 largest companies listed on the London Stock Exchange.

Passive investing is generally accepted as a more effective long-term strategy than the alternative, active investing, where fund managers try to pick the stocks they think will do best. The Dow S&P Indices show that as few as 14% of active fund managers actually manage to beat the market each year, when looked at over a long time period.

Yes, you will always own the underlying funds in your Wealthify Plan. There is no master fund into which your money is invested, as you’ll find with some services. This is an advantage for you, as it means you can see exactly what we are buying and selling for your Plan. We list the assets you own in the Plan detail screen, found in your dashboard and we send you a transaction receipt for every purchase and sale – so you always know where your money is.

No, that’s what we’re here for. Tell us your investment style, theme and how much you want to invest, and we do everything else. Our Investment Team have pre-selected a range of passive funds, and programmed our automated investment system with algorithms (mathematical formulas) that build your Plan based on what you tell us your goals are.

Cash is a type of investment (or asset) itself. It’s a low risk asset, so the return on cash is typically low, but it’s a good way to help protect investors from losses if there’s an indication that markets might lose value. The amount of cash and cash equivalent assets in your plan will depend on the level of risk you choose and will be adjusted periodically in response to market movements.

It is important to remember that with investing, returns are not guaranteed. There is risk associated with investing and you could get back less than you initially invest. To provide you with a sense of what you might expect from Wealthify’s risk-based investment styles, we do provide you with a prediction of performance when creating your Plan. Moody’s Analytics is an independent data provider, who assist in predicting what your Plan values could be in different market conditions over the period of time you plan to invest. It is of course impossible to predict the future, so the projections should only be taken as a guide, not a guarantee. Our investment team have provided factsheets for each investment style which outline their aims for each risk category and will give you an overview of what they are trying to achieve for you in each style. If you have any queries or concerns about the risks involved with investing it is best to seek advice from a financial advisor.

We publish our benchmarks in the valuations we send to all customers, to give you something to compare the performance of your plan against. 

We use ARC Private Client Indices as the benchmarks for the majority of our Plans, rather than an index such as the FTSE 100, because we feel it more closely matches the type of diversified investment plans that Wealthify offers. The ARC Private Client Indices are a peer group benchmark which show how other companies’ investment styles have performed. The Indices are based on real performance numbers from hundreds of other Plans.  Learn more about ARC Indices.

For our Cautious Plan, we use the Consumer Price Index (CPI), which is the UK’s main measure of inflation, or the speed at which the prices of goods and services bought by households rise and fall.

It’s important to remember that benchmarks and predictions are never perfect and past performance is not an indicator of future growth.

Here are the benchmarks we use for each of our five Investment Styles

With investing your capital is at risk and you could get back less than you put in. As an investor, it’s important to understand that stock markets have good periods and bad periods and that you shouldn’t panic at first sight of a bad period. You should think of investing as a long-term prospect, and remember that markets will generally see growth over the long-term.

Yes, if you are a UK tax resident (England, Wales, Scotland or Northern Ireland) you can use all – or part of – your annual tax-efficient savings allowance of £20,000 (current tax year) to invest in a Stocks and Shares ISA or Cash ISA with Wealthify. We don’t offer Innovative Finance ISAs or Lifetime ISAs.

Yes, you can build as many Plans as you like (although our Personal Pensions are limited to one per customer). Some people prefer to keep their money all in one pot, while others prefer to split it into separate investment pots; Wealthify lets you do either. You can even choose different investment styles for each Plan.

Whatever you decide, rest assured that there’s no additional charge for creating more than one Plan; you’ll only pay us a simple management fee of 0.6% per annum (and if one of your Plans is a Wealthify Personal Pension, the annual fee is charged at 0.6% for balances up to £100,000, before dropping to just 0.3% for any portion of £100,000 or more). Fund charges and transaction costs also apply, and you can find full details on our fees page.

Yes, we will always let you know if we make a rebalance or substantial changes to your plan, as this can have a significant impact.

We don’t want to bombard you with emails, so it wouldn’t be practical to let you know each time we buy and sell shares in your plan. That said, every transaction appears in your Wealthify dashboard so you can monitor it there if you wish. 

There is currently no facility for this, but there may be in future. You can access and withdraw your money 24/7 (Pensions and Junior ISAs can only be accessed upon maturity), although it’s worth remembering that making regular withdrawals will affect how quickly you reach the investment goals you set when you created your Plan.

We typically invest your money within two working days of receiving it. However, it may take a couple of extra days for the investments to show on your dashboard, due to the investing process.

We’re not a fully-automated investment service. We automate certain parts of the investment process, like monitoring how well global markets are performing, using computers programmed with algorithms (mathematical formulas). This is more cost-effective than having highly-paid fund managers do it and we pass those savings onto you. Our experts use the market information along with their own knowledge and experience, to make small adjustments to the mix of funds in your investment plan, where appropriate. So Wealthify uses a mix of smart algorithms and human expertise to make sure your plan stays on track.

We’ll show your returns for each Plan as a percentage and actual monetary value, so you always know exactly how your investments are performing.

We calculate your returns using the ‘Time-Weighted Rate of Return’ (TWRR) method, which is widely used within the investment management industry. This is the most transparent way to show you your actual return (i.e. how much your money has grown) because it ignores any cash deposits or withdrawals you might have made in the meantime. In other words, it only tells you how much you’ve gained or lost from your investments, not what you’ve put in or taken out yourself.

Here’s an explanation about Time Weighted Rate of Return.

No, that’s what we’re here for. We build your Investment Plan based on what you tell us about your attitude to risk with money, how much you have to invest, and by when you hope to reach your investment goals. Then we monitor your investments to make sure they’re on track.

Your money is looked after by a team of qualified investment managers with experience in established firms all over the world. Our experts have developed an investment system that uses algorithms and industry experience to pick the best funds available to you, then builds you an investment plan that suits your goals and attitude to risk. And because things are always changing in the financial markets, our team monitors and adjusts your plan regularly, to make sure your money works as hard as you do.

We’ve aimed to make it as affordable as possible to open an account with us. You can start your Stocks and Shares ISA, GIA or Junior ISA account with us for as little as £1, and open a pension with just £50.

You can then choose if you want to make additional one-off or regular monthly payments. There’s no minimum top up amount for our Junior ISA, Stocks and Shares ISA or a GIA accounts, but each payment to your pension needs to be at least £50.

With Wealthify, you have 24-hour, year-round online access to your investments. You can view and edit your Plans, and add or withdraw funds, in just a few clicks. Your Plan detail page shows you the lifetime performance of your Plan, the assets you hold, and your full transaction history (including monthly fee payments). It’s good to check in from time to time, but remember: investing is a long-term savings strategy.

Please note: withdrawals for Pensions and Junior ISAs are only available upon maturity.

Yes, all investing carries an element of risk, but Wealthify lets you choose the level of risk you’re comfortable to take. Our five-point scale lets you pick from a 'cautious' (low-risk) approach, to a more 'adventurous' (high-risk) approach. We also build you a diversified Investment Plan, meaning we don’t put all your eggs in one basket. Instead, we spread your investments (eggs) out across a number of different assets and markets (baskets). That way, you’re not relying on one particular ‘basket’ to get a return on your investment. Spreading (or diversifying) your risk is generally accepted as the most sensible way to invest, but it’s still never risk-free.

Please note: customers are all subject to a suitability quiz prior to opening an investment Plan.

Yes! We believe we offer the best-value Investment Plans for those with a small amount to invest. Because no matter how much you start with, you still get a Plan containing lots of investments from markets around the globe, meaning you’re not reliant on just a few investments to perform well (this is known as diversification).

Customers investing smaller amounts of below £750 get a Plan containing around 15 funds, made up of approximately 6500 investments in total. We use mutual funds for these Plans, as they can be broken up into smaller pieces, which is ideal for lower-value Plans because it means we can buy you more of them. Plans of more than £750 will contain up to 20 funds and around 8000 investments in total. Lower-value Plans may hold a larger proportion of cash than higher-value Plans, but will still contain as many as 15 funds.

No matter their value, this means that every Wealthify Plan will contain an appropriate level of diversification for your investment style. It doesn’t matter whether you start investing with a large or small sum, because you’ll have a Plan that suits you. If you have a particular investment goal, you can see how much you need to invest and how much you could add each month to reach your target, on our Create a Plan page.

From our clear and simple platform to our flexible Investment Plans and excellent customer service; there are hundreds of great reasons why you might want to invest with Wealthify.

We’ve also won a number of awards over the years, including:

• Best Investment Platform for User Experience at the YourMoney.com Investment Awards 2023
• Best Managed Stocks & Shares ISA @ Good Money Guide Awards 2023
• Best Buy ISA, Best Buy JISA, Best for Beginners @ Boring Money Best Buys 2023
• Best Wealth Investment Platform @ Online Money Awards 2023

Not only that, but our Junior ISA has been named the Best Junior ISA at the Personal Finance Awards five years in a row!

When you’re building your Personal Investment Plan, the first question you will be asked is whether you would like to open an ISA or a General Investment Account. Select ‘ISA’ to create an Investment ISA Plan. Under the current rules, you can have as many ISAs of each type you want (excluding Lifetime ISAs and Junior ISAs), and you can split your annual ISA allowance between them however you like.

If you’re likely to exceed your ISA allowance, you can simply set up a General Investment Plan to invest additional funds. There’s no extra cost for having two or more Plans.

The ISA limit and maximum you can save each year is £20,000. The tax year runs from the 6th of April to 5th of April the following year. Under the current rules, you can have as many ISAs of each type you want (excluding Lifetime ISAs and Junior ISAs), and you can split your annual ISA allowance between them however you like.

Nothing at all. A Stocks and Shares ISA and an Investment ISA are just different names for tax-free investments.

Yes, you can do an ISA transfer from your previous years' Investment ISAs, Innovative Finance ISAs, or Cash ISAs to another investment ISA provider at any time. Transfers don't impact your current year’s ISA allowance at all, so you can still invest this tax year’s full ISA limit as well as transfer existing ISAs over.

However, please ensure to use a transfer form. If you withdraw the money you pay in, you'll lose your tax-efficient benefits on that money. To arrange a transfer, simply create a Wealthify ISA Plan, then complete our simple ISA transfer form. We’ll arrange everything else.

If you’re an existing customer, simply head to your Dashboard and use the ‘transfer in’ button on your home screen. You can then choose whether you want to transfer your money into an existing Plan, or create a new one.

Yes, you can transfer your Wealthify Stocks and Shares ISA to either a Stocks and Shares ISA or a cash ISA with a different provider. If you want to transfer money you’ve invested in a Wealthify ISA in the current tax year, then you must transfer all of it, whereas previous years’ ISAs can be transferred in whole or in part. It’s worth checking with your new ISA provider for any restrictions or charges they may apply to transferring ISAs. Wealthify will never charge you for transferring ISAs in or out.

ISA Plans offer tax-efficient benefits compared to a Regular Investment Plan. With a Stock and Shares ISA, you won’t pay any capital gains tax or UK income tax on your returns. The other main difference with a Stocks and Shares ISA Plan is that you can only pay in up to your annual ISA allowance each year. Regular Wealthify Plans do not limit the amount you can invest, but you will pay tax on your returns.

Yes. The fee you pay is a percentage of the combined value of all your Wealthify Investment Plans.

Yes, you can withdraw funds from your ISA plan at any time, without penalty. Since both our Stocks and Shares ISA and Cash ISA are flexible, you can also withdraw and replace funds within the same tax year without affecting your annual ISA allowance.

Under current tax rules, you can contribute your annual £20,000 allowance to as many Cash ISAs and Investment ISAs as you like per tax year to take advantage of your tax-efficient savings benefits (this does not include Lifetime ISAs and Junior ISAs). These ISAs can be with the same, or different providers.

You can also create as many ISA investment plans within your Wealthify account as you like in one tax year, as long as the combined total contributions you make to these plans does not exceed annual allowance. So, if you have various goals in mind, you can create different ISA pots for each one.

You can open an ISA with Wealthify if you:

Are over 18

Are UK tax resident

Yes, if you are a UK tax resident (England, Wales, Scotland or Northern Ireland) you can use all – or part of – your annual tax-efficient savings allowance of £20,000 (current tax year) to invest in a Stocks and Shares ISA with Wealthify. We don’t offer Innovative Finance ISAs or Lifetime ISAs.

A Junior ISA is a tax-efficient way to save and invest on behalf of your child.

Payments into a Junior ISA are different from adult ISAs, because the money you put in belongs to your child. Once you put money in, you can’t take it out again, except in exceptional circumstances, and your child can only get access to their money when they turn 18.

There are two types of Junior ISA:

• Junior Cash ISAs: earn interest like a savings account. The interest rate is fixed and typically based on the rate set by the Bank of England.
• Junior Stocks & Shares ISAs: (Also known as Junior Investment ISAs), these invest in financial markets with the aim of earning returns for investors that are greater than those you would get in a Junior Cash ISA. Returns are not guaranteed, and the value of your investments can go down as well as up.

Your child can have one or both types of Junior ISA and you can deposit up to the annual limit of £9,000 into them in any combination you like.

For example, you could pay £3,000 into a Junior Cash ISA and up to £6,000 into a Junior Stocks and Shares ISA, or vice versa. You can split the allowance however you want to between the two accounts.

The benefit of a Junior ISA is that you or your child won’t pay tax on any interest, returns or dividends they receive.  

Wealthify only offers a Junior Stocks and Shares ISA.  Any money paid into a Junior ISA will belong to the child, but they cannot access it until their 18^th birthday.

Junior ISAs allow your child to keep more of their money by protecting any positive returns they receive from income tax and capital gains tax.

Only a child’s parent or legal guardian can open a Junior ISA account on their behalf.

Your child can have one Junior Cash ISA and/or a Junior Stocks and Shares ISA at any time, into which you can currently contribute a maximum of £9,000 per tax year, per eligible child. You can split the amount however you choose between a Junior Cash ISA and a Junior Stocks and Shares ISA as long as the combined amount doesn’t exceed the annual limit.

You don’t need to use the same provider for your child’s Junior Cash ISA and Junior Stocks and Shares ISA, so you’ve got flexibility to choose the best option for you and your child.

At the start of each new tax year, on 6 April, the child’s annual Junior ISA allowance re-sets and you can start another year of tax-efficient saving for each child.

Your child will only be able to access the money within their Junior ISA when they turn 18.

When they turn 18, the Junior ISA is automatically changed into an adult ISA. At this point, they can choose to keep saving or investing, or they can withdraw some or all of the balance to help pay for things like university, or a new car.

If you want to build an investment pot for your child that neither you or they can touch until your child turns 18, then a Junior ISA could be the answer. Any money paid into a Junior ISA belongs to the child and cannot be withdrawn by anyone other than the child when they turn 18.  

Junior ISAs are available to children who:

• Are under the age of 18
• Are residents of the UK, or are dependants of a crown employee (e.g. army employee based overseas)
• And don’t already have a Child Trust Fund (CTF).

You can transfer your Child Trust Fund over to a Wealthify Junior ISA, but your child cannot have a CTF and a Junior ISA at the same time. When transferring a CTF to a Junior ISA, the full balance must be transferred.   

Junior ISAs can only be opened by the parent or legal guardian of a child under the age of 18 who fits the eligibility criteria. Once opened the parent/guardian will become the registered contact for the account.

As the registered contact for a Junior ISA, you are the only person authorised to make decisions about the management of the account. You’ll also need to keep Wealthify informed if the child’s personal details change; e.g. if they change their name, address, contact number, or get married. 

When the child turns 18, they will become the registered contact and their Wealthify Junior ISA will change into an adult ISA. They can either keep investing, move it somewhere else, or withdraw some or all of it e.g. to help pay for university, or a car.

The money in a Junior ISA will never belong to the parent/guardian. It belongs to the child, but they won’t be able to access it until their 18^th birthday.

No – the Junior ISA can only be opened and funded after the child is born. We need the child’s date of birth so that we will know when your child turns 18.

Wealthify offers Junior Stocks & Shares ISAs.

Wealthify Junior ISAs contain a range of investments from across the globe matched to the level of risk you choose. Our team of experts build your child’s Junior ISA, choosing which investments to buy and managing them on your behalf.

You can choose to invest for you child in an Ethical Plan or an Original Plan. Read more about our Ethical Plans here.

Each Junior Stocks & Shares ISA will contain up to 20 investment funds from providers like Blackrock and Vanguard. Investment funds are a convenient and cost-effective way to invest, as they contain hundreds or even thousands of expertly-selected shares, bonds and other investment types. This means your Junior ISA will contain a diverse range of investments spread across global markets and regions, helping your child to spread their risk.

The Junior ISA allowance for the 2024/25 tax year is £9,000.

A child can have one Junior Cash ISA and one Junior Stocks & Shares ISA. The annual allowance can be split between accounts any way you like, but the total payments made into both must not exceed this amount in any given tax year.

The two Junior ISAs don’t have to be with the same provider, so you can choose the best option for you and your child. Wealthify does not currently offer a Junior Cash ISA, but we may do in the future, so watch this space.

If your child already has a Child Trust Fund in their name, it would need to be transferred to us in order to open a Junior ISA with Wealthify.  You can transfer a Child Trust Fund into a Wealthify Junior Stocks and Shares ISA using the official transfer process.

No – you can hold a Junior Cash ISA with one provider and a Junior Stocks & Shares ISA with a different provider.

The parent or legal guardian opening the account will be the registered contact, but the money will not be accessible to them and will always belong to the child. The child won’t be able to access the money until their 18^th birthday.

As the registered contact for a Junior ISA, you are the only person authorised to make decisions about the management of the account. You’ll also need to keep Wealthify informed if the child’s personal details change; e.g. if they change their name, address, contact number, or get married.

When the child turns 18, they become the registered contact and their Wealthify Junior ISA is rolled into an adult Stocks & Shares ISA. They can either keep investing, move it somewhere else, or withdraw some or all of it e.g. to help pay for university or a car.

Yes, you can invite anyone to be a contributor. That could be your parents, siblings, cousins, friends, neighbours… the list goes on. Once they’ve accepted the invite, and passed verification, they’ll be able to add to your child’s ISA whenever they want.

The only caveat to this is that they’ll need to live in the UK and be a UK tax resident, aged over 18.

You can invite someone to pay into your Wealthify Junior ISA by using our 'Friends and Family' feature. You can find out more about this here: Junior ISA family friends.

Money added to a Junior ISA belongs to the child. The parent or guardian who opened the Junior ISA acts as the registered contact, but they can’t access the money once it has been deposited, unless there are exceptional circumstances. When the child turns 18, account ownership is transferred to them.

If you’d like to make regular, monthly payments to a Wealthify Junior ISA, you can set up a Direct Debit.

You can top up your child’s Junior ISA whenever you like by making a one-off Direct Debit or a bank transfer. For example, when your child receives money as a birthday or Christmas gift. Just sign in to your Wealthify account and visit your dashboard, then click on the ‘top up’ link next to your Junior ISA account.    

No matter how the contribution is made, it MUST come from the bank account that was used to open your Wealthify account.

We don’t currently accept card payments.

Children don't pay tax on any returns in a Junior ISA. If you would like to find out more information on tax allowances for children, you can find out more here: Junior ISA allowance.

A Junior ISA allows you to save or invest up to £9,000 a year on behalf of your child without paying tax on any interest and/or capital gains earnt from the money within the Junior ISA. 

Saving into a Junior ISA on behalf of your children does not affect your own annual ISA allowance.

Yes, you can easily transfer your child’s existing Junior ISA to Wealthify by completing our Junior ISA transfer request form. We’ll send you the transfer forms to complete and return to us, then we’ll contact your existing provider to arrange everything.

Please remember, if you’re transferring a Junior Cash ISA to Wealthify, it will become a Junior Stocks and Shares ISA. Your child’s money will be invested in global financial markets and the value of your investments can go down as well as up.

If you’re an existing customer, simply head to your Dashboard and use the ‘transfer in’ button on your home screen.

Yes, but you must transfer the whole balance of your Child’s Trust Fund (CTF) as you cannot have a CTF and a Junior ISA open at the same time.  

When you transfer the full balance of a Child Trust Fund over to a Junior ISA, it doesn’t count towards your child’s current Junior ISA allowance, so you can transfer the whole CTF balance without it affecting their Junior ISA allowance for that same tax year.

You can find more information on our Child Trust Fund and Junior ISA Transfer page.

There's no direct transfer process available. If you want to move some money from your ISA to your child's Junior ISA you would need to withdraw your ISA funds, deposit them into your registered bank account and then pay it into your child’s Junior ISA.

As soon as the money is received in the Junior ISA, it will belong to the child and you will no longer have access to it, so bear this in mind if you’re thinking about transferring from your own personal ISA or savings account.

Child Trust Funds (CTFs) were long-term savings or investment accounts created for all children. Everyone born in the UK between 1^st September 2002 and 2^nd January 2011 got £50-£1,000 free from the Government to save in a CTF, so, if your child was born between these dates, they probably have one.   

Junior ISAs replaced Child Trust Funds in 2011.

You can transfer Child Trust Funds to Wealthify, at which point they will become a Junior Stocks and Shares ISA.

You can find more information on Child Trust Funds on the government’s HMRC website.

Yes. We’ll be sad to see you go, obviously, but if you choose to transfer your Junior ISA to another provider you can by using their official Junior ISA transfer form.

No, this service won't cost you a penny. We wanted to make it easy and affordable for your friends and family to add to your child's Junior ISA, so there are no extra charges or costs for this service.

You’ll need to log in to your Wealthify account and invite them – the invite will include all the details they need to know in order to get started. They’ll then need to sign up and create a Wealthify contributor account (they can skip the signing up bit if they already invest with us!)

From their Wealthify dashboard, they’ll be able to verify their identity either through a text message we’ll send them or a PIN code you provide. Once they’ve completed verification, they’ll be able to add to your child’s Junior ISA.

If they’re new to Wealthify then they’ll need to set up their bank details to get started, but this will be saved for future contributions.

Yes! By taking the steps for verification and creating separate contributor accounts, we've made sure that your Junior ISA Plans are still safe and secure.

Your contributors will only be able to see how much they’ve added, and the amount left in the Junior ISA's tax allowance for that year. They’ll also be able to see any messages they’ve sent with their contributions.

We all like to add a note when you give a gift, so anytime your contributors add to your child’s ISA they’ll have the option of attaching a message for the parent and child to read!

Money is a pretty sensitive subject, so we don’t want to show them what you or other contributors have added. This way, they’ll easily be able to see how much they’ve added to your child’s future while keeping everyone else’s information private.

For more information read our Privacy policy.

For Junior Cash ISAs:
Transferring a Junior Cash ISA to a new provider typically takes up to 15 days.

For Junior Stocks and Shares ISAs:
When transferring a Junior Stocks and Shares ISA, or moving money between two different types of Junior ISA, you should expect the transfer to take a bit longer. But the provider should keep you informed during this process. If they don’t, get in touch with them.

For Child Trust Funds:
Transfers of a Child Trust Fund into a Junior ISA are typically completed in 30 days. (But remember that the Child Trust Fund account will then close as the scheme has been replaced by the Junior ISA scheme instead.)

It’s important to understand that the money within a Child Trust Fund belongs to the child, not the parent or legal guardian. The child will be entitled to the full amount from their 18th birthday.

Once you have the Child Trust Fund provider’s details, you can contact them directly to query about claiming and/or give them direction about how to best manage the money from there. (i.e. Transferring it to a Junior ISA account or holding it where it is.)

The Child Trust Fund belongs to the child, and not to the parent or guardian. The child can access the funds in full from their 18th birthday.

However, when the child is between 16-17 years old, they also have the choice of:

• Taking over the management of the Child Trust Fund, removing the responsibility from the parent/guardian;

• Or letting the parent/guardian continue to manage it for the child until they turn 18.

The Child Trust Fund scheme was set up to encourage parents to save or invest for their children.

For children born between 1st September 2002 and 2nd January 2011, many parents or legal guardians who were in receipt of Child Benefits would have either received a voucher to open a Child Trust Fund on behalf of their child, or HMRC may have set one up on their behalf instead.

Junior ISAs were rolled out as the replacement scheme of the Child Trust Fund in 2011.

In short, a pension is a tax-efficient way of saving for your retirement. In the UK, there are lots of different types of pensions, but the three main types are workplace pension, personal pensions, and state pensions. Wealthify offers a Self-Invested Personal Pension, letting you complement any workplace pensions and benefit from a 25% top up from the government’s tax relief – which we’ll automatically add to your account!

For more information, please refer to our comprehensive guide on pensions.

Currently, there’s no limit on how much you can pay into your pension, however you won’t receive tax relief on anything over £60,000 or 100% of your salary, whichever is lower. The £60,000 limit includes all payments, including the government top up and employer contributions – so it is actually £48,000 of your contributions, plus £12,000 tax relief.

If you go over this limit you won’t receive tax relief and will have to pay an annual allowance charge which will be added to the rest of your yearly taxable income. If your income is less than £3,600 a year, you will only be able to contribute up to £2,880.

Yes, you can! And it’s relatively hassle-free – just let us know some details about your pension, including who your provider is, a reference number and estimated value – you can usually find these details on your latest pension statement.

It’s worth finding out if your existing provider charges exit fees, as these could limit the financial benefit of changing provider. We're unable to accept any pensions that you’re already taking an income from or transfer any pensions with defined benefits or guarantees.

If you’re an existing customer, simply head to your Dashboard and use the ‘transfer in’ button on your home screen.

You can access your pension when you turn 55 (rising to 57 in 2028). However, you do not have to withdraw any or all of your pension then. If you’re still working, for example, you can leave the money in your pension – and continue to contribute – until you retire.

Wealthify automatically adds the 25% top up when you make a personal contribution to your pension and only if you ticked the box to state your eligibility for tax relief when you opened the SIPP. So, if you personally pay in £800, the government adds another £200, making the total £1000. However, if you’re a higher-rate taxpayer, you may be entitled to more, in which case you will need to contact HMRC to be able to access higher-rate tax relief. This will need to be submitted on your annual tax return.

When you open a SIPP with Wealthify, you must tick the box to say you are eligible for the tax top-up. We then automatically add the 25% top up to your pension when you make personal contributions. This means we do all the work for you and you don’t need to claim anything yourself. However, if you’re a higher-rate taxpayer, you’ll need to contact HMRC for tax relief at the higher rate.

You can transfer most types of pensions to Wealthify, apart from:

• Pensions with a defined benefit (DB), guaranteed annuity rate (GAR), guaranteed minimum pension (GMP), or final salary promise;
• Pensions with protected benefits such as Protected Tax-Free Cash, or Protected Pension Age;
• Pensions you’re already taking an income from;
• Overseas pensions, including Qualifying Recognised Overseas Pension Schemes (QROPS);
• Crystallised plans.

Please note we can only accept defined contribution plans that have no safeguarded benefits or guarantees.

Transferring your old pensions is easier than you might think – all we need to know is who your old providers are, reference numbers , an estimated value, and your permission to get in touch with your old providers regarding your pensions. You can usually find this information on your latest pension statement. We’ll do the rest and consolidate them into your Wealthify Pension.

If you’re an existing customer, simply head to your Dashboard and use the ‘transfer in’ button on your home screen.

Wealthify doesn’t offer a pension finding service. We need to know who your pensions are with and a reference number in order to transfer your pension to us. We’re not able to find your pension if you aren’t sure who it is with.

If you need help finding your pension, please visit the Pension Tracing Service which is a free, government-run service.

No, unfortunately, we’re not able to accept pensions that are already in payment or if you’ve already taken income from.

That’s definitely something you can do! We understand that appetite for risk changes, so if you want to change your investment style, just let our customer care team know.

Yes, you can. There are no limitations in place that would stop you from paying into your pension as well as other investment types, like our investment ISAs or General Investment Accounts (GIAs).

In the majority of cases, no. We can begin a pension transfer on your behalf without you needing to do anything. However, things happen, and if your old provider objects or needs further confirmation, then we’ll get in touch to let you know what’s needed.

We don’t charge you anything to transfer, but your old provider may charge exit fees or transfer fees, so you may want to check this with them before you go ahead.

This will depend on the type of pension transfer and who your previous providers were. In some cases, providers may require a physical signature, if so, we’ll send you a form to sign. However, most providers are happy with a digital signature, so there’s a chance that you may not need to physically sign anything.

Yes, of course! This process is even more simple than transferring in – head through to our sign up page to get started. If you have a pension with another provider it may be worth bringing them together, as you could save on fees and it may be easier to keep track of the performance of your retirement fund. 

This can differ from provider to provider, but the majority of pension transfers take 30 days. The exceptions are if there are issues locating your pension, or if we have to manually transfer your pension, then it could take up to 12 weeks. If we do find that we need more details from you to process a transfer, our team will get in touch to let you know what’s needed.

In 2022, Lloyds Banking Group acquired the Embark Group. As a result, the ‘Embark Platform’ was rebranded to become the ‘Scottish Widows Platform’.

You may see Scottish Widows (Formerly Embark) named during the pension transfer process, as this is how the underlying system recognises the platform. Even though our name appears as Scottish Widows (Formerly Embark), please note that we are not part of the Scottish Widows group.

The Scottish Widows Platform will still be operated by Embark Investment Services Limited, as it’s a change of trading name and branding only — meaning there’s no change to the way your account is managed (and your terms and conditions have not been affected).

As many as you want – whether that’s one or twenty – there’s no limit on how many pensions you can transfer into Wealthify.

You can take 25% of your pension pot tax-free - either as a lump sum or as a portion of each withdrawal - with the remaining 75% subject to income tax. Pension tax works in the same way as income tax, your custodian Embark will use the Pay As You Earn system to deduct tax and also issue a payslip which will be uploaded into your documents. 

No, Wealthify does not charge an exit fee for any of our products.

There may be a one-off charge of £120 to cover the administrative costs where your pension is subject to a pension sharing order.

No, it is free to transfer your pension(s) into Wealthify. Your old provider may charge exit fees or transfer fees, so you may want to check this with them before you go ahead.

Not at the moment, but it’s something we’re working on. Once we’ve got it up and running, we’ll let you know!

Wealthify is offering a Self-Invested Personal Pension, or SIPP, which is a pension you personally set up and contribute to. It is separate to a workplace pension or the state government-funded pension. 

A personal pension is a great way to complement your workplace pensions by having more flexibility over how you contribute and invest.

That means, instead of being enlisted in whichever pension your workplace is offering, you have a greater choice of investments. Pick a level of risk that you’re comfortable with, choose whether you want ethical investments and decide how much you want to pay.

Plus, you’ll get a 25% tax-relief top up on each contribution up to a total contribution limit of £48,000 (which becomes £60,000 with the £12,000 tax relief) or 100% of your earnings, whichever is lower. That means if you add £800 to your personal pension, tax relief will take this amount up to £1000, and best of all, you don’t have to do a thing. We’ll add this tax relief to your account automatically, so you don’t have to wait for HMRC – giving you 25% more to invest.

Yes, if you are eligible to withdraw from your pension, then this is an option, but you’d need to be certain that it’s the right choice for you as once it’s withdrawn you can’t change your mind.

The first 25% of your lump sum would be tax-free, but the other 75% would be taxed as income. If you have other income for that tax year, it could push you up into the next tax bracket, so you would be taxed more.

Taking your pension as a lump sum could also affect your entitlement to means-tested state benefits and you may get a lower benefit as a result. 

If you continue to pay into a pension after taking your full pension pot as a lump sum, you may incur additional tax charges if your contributions, together with any contributions from an employer or any tax relief you may receive, exceed £4,000.

We’re afraid not. Because ISAs and GIAs aren't pension products, they're subject to different tax treatment and cannot be transferred.

If you want to keep your options open and avoid being locked into an annuity, where you are paid a regular monthly payment for the rest of your life, then drawdown could be for you. It also offers flexibility over the frequency and amount of income you take or actively manage in your invested pension savings.

You’ll need to have a healthy attitude to risk if you choose to drawdown your pension as your invested money can go up or down. If you want a risk free, guaranteed income for life that’s low maintenance, then drawdown may not be  for you.

If you are interested in drawdown, we recommend you seek financial advice.

How much you can drawdown from your pension depends on a number of factors: 

• How much money you have in your pension
• How often you withdraw from your pension and how much
• How long you live
• The investment performance of the chosen fund(s)
• General charges associated with your pension plan

In principle, the more you take with each drawdown, the less you’ll have to drawdown at a later date.

Wealthify does not offer an annuity, but if you have sufficient funds in your pension, you will be able to purchase an annuity plan from another provider. You can take 25% of your pension as tax-free cash and purchase an annuity with the remaining 75%

The government pensions website, Pensionwise,  has some useful resources to help you understand your options at retirement https://www.pensionwise.gov.uk/en.

The option you choose will depend on your circumstances and what’s right for you. If you’re unsure about your options at retirement you should seek financial advice.

If you die before 75 anything remaining in your drawdown fund is passed on to your beneficiary as a tax-free lump sum, or they can continue to receive the income tax-free through drawdown. These payments must begin to be made within two years, or they become taxable at the beneficiary's highest rate. If you die aged 75 or above anything passed on or remaining in your drawdown fund will be taxed at the beneficiary's highest tax rate if taken as an income or lump sum.

We’re sorry but we’re unable to support carry forward at this time (Some providers allow you to “carry forward” any annual allowance which has not been used during the three previous tax years).

You are able to list up to 8 Pension beneficiaries online with Wealthify, choosing a percentage amount to be allocated to each. 

Once your Pension has been set up, you can change your beneficiaries and allocations by logging in, viewing your plan and selecting 'change beneficiaries'.  

Yes, you can! A personal pension is great for sole-traders, freelancers, contractors, seasonal staff, directors in limited companies and more. Thanks to the flexibility of contributions, you can add to it when it suits you and change or pause your payments at any time using our app or online dashboard.

Did we mention that you could also benefit from an additional 25% top up thanks to tax relief? That means that every £800 you add is worth £1000. You can benefit from this up to £48,000 (which becomes £60,000 with £12,000 tax relief) or 100% of your earnings, whichever is lower.

Take control of your future finances by starting a Self-Invested Personal Pension today.

Embark Investment Services Limited act as your custodian for our pension product, holding your cash and investments safely and ring-fenced from their own, under the Financial Conduct Authority’s client asset rules. They’re fully regulated by the FCA and are part of the Embark Group – the UK’s fastest-growing digital retirement platform.

You can access your pension when you turn 55 (rising to 57 in 2028). Subject to current pension rules, you'll be able to withdraw 25% of the total amount tax-free, with the rest being taxed based on your individual circumstances. However, you don’t have to take any of your pension if you don’t want to. If you’re still working, for example, you can leave the money in your pension – and continue to contribute – until you retire.

The way you take your money out of your pension (a process known as moving your pension into drawdown), will vary depending on the type of pension you have.

If you have a defined benefit pension, you will receive a specific income for life, which should increase every year. If you have a defined contribution scheme, then you’ll be able to choose how you want to withdraw your funds using one of the following methods:

• Take your whole pension in one go as a lump sum.
• Withdraw money whenever you need it.
• Receive a regular income.

One of the easiest ways to trace old pensions is to use the government’s online Pension Tracing Service.
To use this service, you’ll need either the name of an employer or pension provider, as it can’t tell you whether you actually have a pension, or its value.

Once you’ve agreed to the service’s declaration, it’s then just a matter of answering a few simple 'yes’ or ‘no’ questions, including:

• Are you looking for an NHS, civil service, teacher or armed services pension?
• What type of pension are you looking for?
• Do you know the name of the employer, who set up your workplace pension?
• Do you know the name of your workplace pension scheme?

​

Yes, the service is completely free — you’ll just need to provide basic information like your name, age, and address to be able to use it.

If you’re looking to claim the pension of someone who’s passed away, you’ll need to start by contacting the provider or, in the case of a workplace pension, the employer. If you can’t find the pension but believe the person might have had one, you can use the government’s Pension Tracing Service to help, too.

You can access your pension when you turn 55 (rising to 57 in 2028).

You can normally take 25% of your pension out tax-free and the rest will be taxed at your marginal rate of income tax. You have the flexibility to choose how much you take and how often you dip into your pension pot.

Wealthify offers lump sum withdrawal or Flexi-Access Drawdown, which could be multiple combinations of Pension Commencement Lump Sums (PCLS) (being the tax-free portion of your pension) and income payments. There’s also the option of a small pot withdrawal for Pension Plans with a value of less than £10,000.

If you choose to take a small pot lump sum payment, this will be a one-off payment that results in the closure of your Wealthify Pension Plan. Taking pension income, either as part of a lump sum withdrawal or an income payment under Flexi-Access drawdown, will trigger your Money Purchase Annual Allowance (MPAA).

Please note that you can take a different retirement option at any time (with Wealthify or another provider), using the remaining money in your pension pot. Wealthify does not offer an annuity; if you want this option, you’ll need to take it with another provider.

The government pensions website, Pension Wise, a free, impartial guidance service from MoneyHelper and backed by government, has some useful resources to help you understand your options at retirement.

The option you choose will depend on your circumstances and what’s right for you. If you’re unsure about your options at retirement you should seek financial advice.

The Wealthify Cash ISA (Individual Savings Account) is a flexible, easy access, tax-efficient savings account that lets you save up to £20,000 each tax year.

The minimum amount you can deposit is £1, with the maximum currently being £20,000 each tax year (this is your annual ISA allowance, which is subject to change).  

No, you don’t. The Wealthify Cash ISA is a tax-efficient way to save money because, as with all Cash ISAs, you don’t have to pay any capital gains or income tax on the interest you earn.

The current interest rate on the Wealthify Cash ISA is 4.33% AER / 4.25% gross p.a. (variable) paid monthly.

AER (Annual Equivalent Rate) calculates how much interest you earn over a year, taking compound interest (the interest you earn on interest) into account. AER is displayed on all UK savings accounts, and is a good way to compare rates.

Tax Free: The tax-free rate is the rate of interest payable where interest is exempt from income tax.

You can find out more about the Bank of England base rate by following this link.

While the amount of interest offered is set by Wealthify, it is a variable rate that’s in line with the Bank of England’s base rate. Our partner, ClearBank, helps with calculating and paying out the interest. Wealthify will provide 14-days' notice to customers if we are increasing the size of our margin, which would mean passing less interest onto you.

We're not required to provide any notice if we're passing more interest onto you by decreasing our margin or when the interest rate is moving up or down in line with the Bank of England base rate changes.

For a full list of reasons for an interest rate change, see our Terms & Conditions.

Interest is calculated daily based on the cleared funds in your account (as determined by ClearBank). That calendar month’s accumulated interest will then be paid monthly into your Cash ISA account directly by ClearBank on a gross basis, within 3 working days of the month's end.

An easy access Cash ISA – like Wealthify’s – means you can access your savings at any time without any fees. 

Wealthify’s Cash ISA is also a ‘flexible’ ISA, which means that during the tax year, you can withdraw your money and pay it back in, without it affecting your £20,000 annual ISA allowance. 

Both terms mean the same thing: being able to deposit and withdraw money from your Cash ISA at any time without penalty.

Even though they’re both savings accounts, there are two main differences between our Cash ISA and Instant Access Savings Account.

Firstly, our Instant Access Savings Account lets you save as much as you want; with our Cash ISA,  

Secondly, you don’t have to pay any tax on the interest you get with our Cash ISA; with our Instant Access Savings Account, however, the interest generated on your money is classed accordingly as taxable income.

Our Cash ISA is a savings account that offers guaranteed returns, meaning you can pay into it with the certainty of knowing how much interest your money’s going to make every month.

With a Wealthify Stocks and Shares ISA, however, your money is invested in the stock markets instead. And, due to the up-and-down nature of markets, the value of your investment can go down as well as up, so returns aren’t guaranteed.

No fee will be charged for the management of your Wealthify Cash ISA. 

ClearBank Limited power our Cash ISA. All money held within our Cash ISAs and Instant Access Savings Accounts is sent directly to ClearBank, and is never held by Wealthify.

ClearBank are authorised by the Prudential Regulation Authority. They are regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.

Financial Services Register number: 754568

Registered address: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA.

For more information, click this link.

Please note: correspondence regarding your Savings Account should be sent directly to Wealthify via our Live Chat service, email, or by calling us at 0800 802 1800.

Wealthify’s Cash ISA is protected by the Financial Services Compensation Scheme (FSCS). Up to the first £85,000 of your money saved in a Wealthify Cash ISA can be protected by the FSCS in the event of the insolvency of either our Cash ISA provider, ClearBank, or Wealthify itself.

The FSCS's compensation limit of £85,000 is per banking licence and as our Cash ISA is powered by ClearBank, this means the £85,000 limit is shared across all accounts you hold with ClearBank.

For example, if you have £80,000 saved in a Wealthify Cash ISA and £20,000 saved in another account powered by ClearBank elsewhere (including the Wealthify Instant Access Savings Account), only £85,000 of your deposits would be eligible for FSCS protection.

For more information, and to find a list of other accounts under the ClearBank banking licence, please visit the ClearBank website.

The Wealthify Cash ISA is available to both new and existing Wealthify customers. In order to open one, you need to:

• Be a UK tax resident aged 18 or over.
• Have a valid UK residential address (this doesn’t include a PO Box address).
• Have a valid National Insurance Number.
• Hold a UK bank or building society personal account in your name.

You can’t share an ISA or set one up on behalf of another adult, unless you hold Lasting Power of Attorney.

You can apply for and open a Wealthify Cash ISA account using the Wealthify app or website. You’ll need to provide some basic details about yourself to get started, such as your name, address, date of birth, proof of identity, and address. You’ll also need to pass our standard security checks.

You can pay into a Wealthify Cash ISA using regular and/or one-off payments. Regular payments can be made by setting up a standing order from your own bank. For standard one-off payments, you can use manual bank transfers; for quicker one-off payments, however, you also have the option to use Open Banking.

You can only open one Wealthify Cash ISA during each tax year.

As long as you don’t exceed your annual £20,000 ISA allowance, you can have as many Cash ISAs with different providers as you want.

Yes, you can. Because they’re two different types of ISAs, you’re also allowed to pay into a Cash ISA and Stocks and Shares ISA in the same tax year. In fact, having both could be a good way to prepare for your short-term goals and financial future.

However, you’ll need to make sure your total contributions across both accounts don’t exceed your annual ISA allowance of £20,000.

You can do this yourself, using either the Wealthify app or website:

App:

• Sign in to your app.
• Tap on the Savings tab.
• Tap "View Account".
• Tap the Details tab.
• Scroll to the bottom and tap "Close Savings Account".

You can also contact customer care via Live Chat on the website, call 0800 802 1800, or by sending us a secure message.

Website:

• Sign in to your account.
• Go to the Savings tab.
• Click "View Plan".
• Scroll down and click "Close Plan" on the right-hand side of the screen.

Yes, we offer a flexible, easy access Cash ISA.

You can only open one Instant Access Savings Account with Wealthify.

Clearbank Limited power our Instant Access Savings Account. All money held within our Instant Access Savings Accounts is sent directly to ClearBank, and is never held by Wealthify.

ClearBank are authorised by the Prudential Regulation Authority. They are regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.
Financial Services Register number: 754568
Registered address: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA.

For more information, click this link.

Please note: correspondence regarding your Savings Account should be sent directly to Wealthify via our Live Chat service, email, or by calling us at 0800 802 1800.

AER (Annual Equivalent Rate) calculates how much interest you earn over a year, taking compounding (the interest you earn on interest) into account.  AER is displayed on all UK savings accounts, and is a good way to compare rates.

Gross interest doesn't include compounding, and refers to the amount of interest paid to you without the deduction of UK income tax.

If you close your Savings Account mid month, we'll immediately calculate the interest owed to you; this figure is based on the balance up to the day before you withdraw. We'll then automatically pay both the balance and interest owed into your nominated bank account, before closing your Savings Account.

You can do this yourself, both on the website and in the app:

Website:

• Sign-in to your account
• Go to the Savings tab
• Click "View Plan"
• Scroll down and click "Close Plan" on the right hand side of the screen

App:

• Sign in to your app
• Tap on the Savings tab
• Tap "View Account"
• Tap the Details tab
• Scroll to the bottom and tap "Close Savings Account"

You can also contact customer care via Live Chat on the website, call 0800 802 1800 or send us a secure message.

No fee will be charged for the management of your savings account at Wealthify.

Find out more about the Bank of England base rate by clicking this link.

The amount of interest offered is set by Wealthify, while ClearBank calculate and pay out the interest.

The rate is a variable interest rate but Wealthify will provide 14-days' notice to customers if we are increasing the size of our margin which will mean passing less interest onto you. We're not required to provide any notice if we're passing more interest onto you by decreasing our margin or when the interest rate is moving up or down in line with the Bank of England base rate changes.

For a full list of reasons for an interest rate change, see our Terms & Conditions.

Interest is calculated daily based on the cleared funds in your account (as determined by ClearBank). Interest will then be paid monthly into the savings account on a gross basis as we do not withhold any tax on interest payments, meaning it's up to you to declare your interest income on your tax return. Clearbank will directly pay the interest accumulated in the calendar month to you within 3 working days of the month's end.

The interest rate tracks the Bank of England base rate minus a margin. Wealthify reserves the right to vary the margin and, therefore, the overall interest rate depending on market conditions (including the Bank of England's base rate.) For a full list of reasons for an interest rate change, see our Terms and Conditions.

The current interest rate on the Wealthify Instant Access Savings Account is {{CombinedInterestRates}}.

In order to open a Savings Account with Wealthify, you must fit all of the following criteria:

• You are 18 years or older
• You are a tax resident of the United Kingdom (excluding the Channel Islands). You are automatically a UK tax resident if you've spent 183 or more days in the UK in a tax year or your only home is in the UK.

Please note, Wealthify does not offer joint accounts at this time.

Whether you're a new or existing customer, to apply for the Wealthify Instant Access Savings Account, you will need apply through the Wealthify app or website.

You will need to provide sufficient personal information, such as name, address, date of birth, and proof of identity.

Please note: Customers can only hold one Instant Access Savings Account at a time.

The current minimum deposit in a Wealthify Instant Access Savings Account is just £1.

The current maximum is unlimited.

Customers can only pay in and out of their savings account from their nominated bank account.

This includes manual bank transfers or one-off payments. You're also able to set up standing orders from your nominated bank account to make regular payments into your Wealthify Instant Access Savings Account.

Interest generated on your savings account is classed as taxable income. Depending on your personal circumstances, this may mean you need to fill out a self assessment of the interest your savings generates. For more information and to find out if it applies to you, click this link to the HMRC website.

There is currently no limit on the amount of withdrawals you can make from your savings account.

As an instant access account, you should receive withdrawals in your account within 3 hours.

What happens if my payment takes longer than expected?

All deposits and withdrawals are processed via the UK Faster Payments Scheme; payments between banks are processed almost instantly, and most credit the destination account instantly, too.

Sometimes, the Faster Payments Scheme takes longer for banks to communicate and send funds to each other.

In addition, we have to review every deposit and withdrawal using automated systems. 

Some payments have to be reviewed manually, which can take longer than the normal instant processing or 3 hours we indicate. We know this is frustrating, but these checks are designed to try and keep our customers safe from fraudulent activity, and to ensure we're meeting our legal and regulatory obligations.

Please see the Terms and Conditions for further information.

We take the security of accounts very seriously, using industry-standard security measures to protect accounts, such as encryption and two-factor authentication.

Ethical Investing aims to exclude profiting from activities that are considered harmful to society and the environment and to invest in organisations, companies and projects that are committed to operating in a way that is sustainable for the future.

This is typically done by filtering out harmful activities (negative screening) and proactively seeking to invest in companies that are committed to making a positive impact through their environmental, social and governance (ESG) practices (positive screening).

Negative screening: most ethical funds will screen the so-called ‘sin stocks’ such as tobacco, gambling, weapons and adult entertainment. Other issues screened might include animal testing, intensive farming, nuclear power, genetic engineering, deforestation, and poor human or labour rights. The activities screened and the screening criteria used, vary between fund providers.

Positive screening: aims to identify those companies demonstrating or showing commitment to achieve the highest standards of practice in the areas of environmental impact, social justice and corporate ethics. Only organisations that score highly across these three areas will be eligible to receive investors’ money.

Wealthify’s ethical plans combine negative screening with proactive selection based on ESG scores, as well as qualitative, human consideration of a wide range of other factors that contribute to a commitment to future sustainability.

Ethical investing is one of a number of terms used to identify sustainable approaches to investing. Others include Environmental, Social and Governance (ESG), Sustainable Investing and Impact Investing.

Environmental, Social and Governance (ESG) aims to actively identify companies to invest in that demonstrate excellent environmental, social and governance practices. Fund managers might look at a wide range of factors: how much energy a company wastes; its overall impact on the environment; what it does to champion gender and race equality; whether it gives back to its communities; whether suppliers hold similar values; how transparent it is in reporting and whether its shareholders can vote on important issues. A complex scoring system is often used to determine a company’s ESG score, which determines whether it is a suitable investment. ESG fund providers constantly monitor and review the companies they invest in using these criteria to ensure standards remain in line with the aims of the fund.

Sustainable Investing: aims to generate positive social outcomes. It’s typically a blend of ethical investing (excluding companies involved in ‘harmful’ activities) and ESG investing (identifying companies that demonstrate good behaviour). This blend of negative and positive screening aims to capture the best of both worlds and, some argue, is a more ethically sound approach.

Impact Investing: aims to achieve specific benefits, whether social or environmental, as a result of the investment, as well as a positive return. It’s generally considered as a subset of sustainable investing, but does not necessarily aim to exclude activities which can cause harm. Impact investing seeks to make a positive impact by investing, for example, in enterprises that benefit the community, or in clean technology. It might also invest in companies involved in harmful activities if they can demonstrate they are taking action to significantly reduce their reliance on it to generate profit, or even switch to more sustainable activities.

We’re using best-in-class ethical fund providers: Edentree, Pictet, Liontrust, Royal London, Stewart Investors, Brown Advisory, and Rathbone. They have been selected for their exemplary quality of governance and ethical stance, and each employ rigorous and ongoing screening processes to ensure appropriate ethical credentials for the relevant funds.

All of the ethical fund providers we use are signatories of the Principles of Responsible Investing (PRI), the world’s leading proponent of responsible investing. The PRI is an independent body acting in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. More information: about the PRI.

We use a pool of up to 25 funds to build your Ethical Plan. The combination of funds we use depends on your investment style and how we balance your Plan. The pool of funds will also change from time to time.

We use a blend of active and passive ethical funds in our Plans. Active funds get their name because they are ‘actively’ managed. We think this is a robust way to manage our Ethical Investment Plans, as active ethical funds can take a far more qualitative approach, using a wider set of criteria — and applying a common-sense approach to selecting sustainable investments.

Passive funds, on the other hand, use a fixed Environmental, Social, and Governance (ESG) score to screen companies, offering little flexibility. Passively-managed ethical funds are also unable to exert shareholder pressure on individual companies to drive positive change.

Current list of funds:

1. M&G European Sustain Paris Aligned Fund
2. EdenTree Responsible and Sustainable Short Dated Bond Fund
3. iShares UK Gilts All Stocks Index Fund
4. Liontrust Sustainable Future UK Growth Fund
5. Liontrust Sustainable Future Global Growth
6. Liontrust Sustainable Future European Growth
7. Rathbone Ethical Bond Fund
8. Royal London Ethical Bond Fund
9. Royal London Short Duration Gilt Fund
10. Royal London Sustainable Leaders Trust
11. Stewart Investors Asia Pacific Sustainability Fund
12. Stewart Investors Global Emerging Markets Sustainability Fund
13. Stewart Investors Worldwide Sustainability Fund
14. Royal London Short Term Money Market Fund
15. JPM Emerging Markets Sustainable Fund
16.  Fidelity UK Gilt Fund
17. Brown Advisory US Sustainable Growth Fund
18. FTGF ClearBridge US Equity Sustainability Leaders Fund
19. Fidelity Funds - Sustainable Japan Equity Fund
20. Pictet - Global Environmental Opportunities
21. Vanguard U.S. Government Bond Index Fund
22. Vanguard Euro Government Bond Index

Please note: the funds and fund providers we use will be reviewed and may change from time to time, which may not immediately be reflected here.

Funds 17 to 22 are based overseas and are not subject to UK sustainable investment labelling and disclosure requirements.

For more information, please see: https://www.fca.org.uk/consumers/identifying-sustainable-investments

Our Ethical Plans are built using mutual funds. The funds contain multiple investments, selected by the fund providers according to their strict ethical screening processes.

The funds will typically include:

Shares (owning a piece of a company): excluding companies that profit from ‘sin sectors’ such as gambling, tobacco, adult entertainment and weapons among others. It will only include companies that demonstrate great environmental, social and governance standards, according to the fund providers’ and Wealthify’s strict criteria and ethical investing policies.

Bonds (an IOU from a government or company with some interest): both corporate and government bonds may be included and will be subject to the same strict screening criteria as shares.

Thematic investments: one or two funds will focus on investing themes such as gender equality (companies that strongly champion these issues) or green energy and will mostly be used in higher risk plans.

We’ve created five Ethical Investment Plans – from Cautious to Adventurous – so you can choose a level of risk that’s right for you. Find out more about what’s in each of these plans by downloading the ethical plan factsheets, below.

Ethical Plan Factsheets

Cautious Ethical Plan [download pdf]

Tentative Ethical Plan [download pdf]

Confident Ethical Plan [download pdf]

Ambitious Ethical Plan [download pdf]

Adventurous Ethical Plan [download pdf]

Fund providers will typically exercise two levels of screening:

Negative screening: aiming to exclude companies involved in activities that are at odds with ethical and socially responsible values. This typically means ‘sin stocks’ such as gambling, tobacco, adult entertainment and weapons, although most funds screen many more activities besides.

Positive screening: actively seeking and investing in companies that demonstrate excellent environmental, social and governance (ESG) practices. More about what this means can be found in What is ESG, sustainable and Impact investing? Fund providers will employ a scoring system to each company, rating it against a set of predefined criteria, such as energy efficiency, equality agenda and the quality of its corporate governance, looking at, for example, whether it has been fined in the past for regulatory violations. These all add up to an ESG rating, which determines whether a company should be considered for investment. Our ethical funds don’t just invest in companies with the highest ESG ratings. They will also identify and invest in ‘improving companies’ – i.e. those that show significant commitment to improving their environmental, social and governance practices. An example might be a coal company that is investing a significant part of its profits in the research and development of green energy.

Ethical fund managers with 'actively managed' ethical funds will regularly search for new companies to invest in, whilst also monitoring the activities and practises of the companies already in the fund to ensure that the expected standards are maintained.

As shareholders, funds can even use their influence and voting power to steer the organisation towards ever higher ethical standards, attending AGMs and lobbying the board of directors. Where the fund holds a significant shareholding (e.g. 10% or more) they may get an audience with the board of directors where they can highlight issues and help influence the strategic direction of the organisation. Ethical fund providers sometimes join forces to wield more influence over the board, if their own shareholding is too small.

If a company consistently allows its standards, and therefore its ESG rating, to slip, fund managers are able to withdraw investors’ money and remove the company from the fund.

All ethical fund providers with 'actively managed' ethical funds have built a level of independent verification into their processes — usually carried out by an autonomous and impartial organisation — to ensure that no bias creeps into the fund’s screening and monitoring process.

Wealthify also has its own code of practice, set out in our ethical investing policy. Our investment team will regularly monitor the ethical funds using specialist ESG company assessments conducted by a third party, to ensure that their standards of practice are not falling below what is expected.

Each fund provider will negatively screen (i.e. exclude) companies involved in certain sectors and activities. Typically, these will be ‘sin sectors’ such as gambling, tobacco, adult entertainment and weapons. The full list of sectors considered can be much wider.

The exclusion criteria also vary between providers: some funds will completely exclude a company profiting from harmful activities (e.g. tobacco) whilst others may invest in the company, provided it earns no more than 10% of its overall profits from the activity in question. This 10% tolerance allows a small degree of flexibility to account for instances where a company isn’t directly involved, but could be exposed to a harmful activity via, for example, a parent company or supplier. Fund managers argue that earnings of less than 10% demonstrates there’s effectively no significant involvement in that activity and an investment in the company is justifiable.

A 10% tolerance is applied to the screening of some activities by the fund providers we use. Therefore, we can never guarantee that our plans will not contain some degree of exposure to any of the harmful activities listed.

Our ethical funds aim to exclude the following, subject to an up to 10% tolerance:

Weapons; gambling; animal testing; deforestation; nuclear power; climate change; oppressive regimes; adult entertainment; tobacco; excessive political donations; human rights issues; intensive farming; unfair labour practises; genetic engineering.

Returns are not guaranteed with any form of investing and you could get back less than you put in.

With all types of investing, cost affects your performance, as the more you pay in fees and charges, the fewer returns you get to keep. The overall cost of investing in an ethical plan is higher than that of a standard plan and therefore, investing in an ethical plan may affect performance and your returns could be lower than a standard investment plan with an equivalent investment style. Ethical funds aim to avoid investing in certain sectors, like tobacco or gambling, which could also affect your plan performance.

You can get some idea of how ethical investments perform against their standard counterparts by comparing market indices like the FTSE for Good against the FTSE All Share. Of course, past performance is not a reliable indicator of future performance.

We use a blend of active and passive funds in our ethical plans, so the average fund charge is a little higher than in standard plans. Check our fees page for the most up to date ethical fund charges and transaction costs. The extra cost of active funds reflects the fact that they are proactively and comprehensively managed using a qualitative and common-sense approach to select the most appropriate investments and to ensure standards are retained. We think this makes for a more robust ethical investment plan.

The annual cost of investing will depend on how much you invest and which investment style you choose. The total cost of investing is comprised of your annual management fee which covers everything we do, plus fund charges and transaction costs. Check out our fees page for full details.

We do have fewer types of investments at our disposal to create Ethical Plans, but we still use the main two types of investment – shares and bonds – as well as some thematic investments, for a bit of variety. Your plan will also hold a small amount of cash, which is common practise to enable our team to be flexible in buying investments on your behalf.

Just create your Plan in the normal way using our simple sliders, then toggle the ethical switch ‘on’. Your projected value – shown in a lovely shade of ethical green – will tell you how much your investments could potentially be worth after all fees and charges have been taken.

If you already invest with us, you’ll need to get in touch with our customer support team who can assist you further. Call 0800 802 1800, or send us a secure message via your Wealthify account by clicking the 'Messages' link.

At Wealthify, we invest in ethical funds which pro-actively select companies that are committed to having a positive impact on the environment and society. But it doesn’t stop there! In addition to selecting the different funds, our investment team actively monitor the companies that are being selected by fund managers.

Anyone over the age of 18 living in England, Scotland, Wales or Northern Ireland can open any account with Wealthify. Residents of the Channel Islands can open a General Investment Account. Unfortunately, we are not able to accept U.S. Citizens due to the U.S. Government’s tax reporting rules. This includes anyone holding a U.S. passport or anyone who has an obligation to pay tax to the U.S. tax authorities.

You can only open a Stocks and Shares ISA if you’re a UK tax resident over the age of 18. If you are transferring an existing ISA opened in the same tax year, you will need to transfer the full amount to Wealthify.

For our pension, you’ll need to be over 18 and under 75 to open an account.

Unfortunately, we are not able to accept U.S. Citizens due to the U.S. Government’s tax reporting rules. This includes anyone holding a U.S. passport or anyone who has an obligation to pay tax to the U.S. tax authorities.

When you apply for a Wealthify account, we will ask you for personal information such as:

• Your Full Legal Name
• Residential address
• Date of birth
• Employment status and annual income
• Your bank account details

We will use this information to process credit reference agency searches to help verify your identity and searches will leave a footprint on your file, but do not affect your credit score.

At Wealthify, we want to protect our customers, and our business, from fraud and financial crime.
For us to keep your money safe, we need to ensure the information we have about you is correct, so we will:

• Review all our customers accounts to check we have all the details we need.
• Contact you if we need you to confirm, update or provide new information.

We will ONLY contact you using the details you have registered with us.

If you have received a secure message from us in your app, or via your registered email address, requesting information or documentation, then all you need to do is respond to the message and our account review team will review your response within 24 hours, and confirm if any further information is required or if our query can be closed.

Should you need any additional support, please contact our customer care team:https://.wealthify.com/help-centre

Wealthify considers the security of your personal information to be of the utmost importance and we take several measures to ensure it is kept safe.

Any information you provide on our website is transmitted using secure SSL technology with 256-bit encryption. Where we store sensitive information, such as passwords and bank account numbers, we use strong encryption algorithms similar to those used by the major high-street banks.

We also insist on a minimum password length and require you to use upper case letters and numbers in your password to make it more secure.

Account security is also your responsibility. You should never share your password with anyone else, or let anyone else have access to your Wealthify account.

Our minimum account size depends on the products you are interested in.

Savings Accounts

You can open a Wealthify Instant Access Savings Account and Wealthify Cash ISA with just £1. You can top this up through instant bank transfer, one-off faster payments through open banking, and standing orders from your connected bank account.

Investment Plans

You can open a Wealthify ISA, Junior ISA and General Investment Account from just £1. You decide if you want to add to it with lump sums, regular Direct Debit payments, a combination of both or adding whatever you can afford. It’s all up to you! Our Pension is a little bit different. To open an account, you’ll need to add a minimum of £50, and any deposits you make also have a minimum payment amount of £50.

There’s no maximum account size, but, for some of our investment products, there is an annual limit.

For example, ISA Plans have an annual investment limit across all ISA types, which is currently £20,000. If you have a Cash ISA and Stocks and Shares ISA, you can split the limit across two, for example, £10,000 in your Cash ISA and £10,000 in the Stocks and Shares ISA. That said, there’s no limit on the amount you can transfer from both Cash and Stocks and Shares ISAs from previous tax years.

Junior ISAs also have an annual tax year limit which is lower than an adult ISA. Currently, the government has set it at £9,000.

Our Pension doesn’t necessarily have a limit, but you won’t receive tax relief if you exceed £60,000 or 100% of your salary in a tax year.

But, with our Instant Access Savings Account and General Investment Account, there are no restrictions on the amount that you can contribute each year.

This isn’t something anyone wants to think about, but if it does happen, we’ll freeze your assets upon receiving the proof of death certificate. This means that your investments would remain static, although if you owe fees, we may sell your assets to pay for this. We would then wait for instructions from your legally appointed executors on what to do with any remaining funds.

This process is slightly different with pensions, as it will depend on what age you are when you die and whether you’ve accessed your pension. The main difference happens if you die before 75, in which case your pension passes - tax-free - to your beneficiary.

We will email you regular reports securely to your Wealthify account. You can expect to receive:

• Account Statements: Emailed to you quarterly, these provide a snapshot of the investments you hold, what they are worth and capture any transactions that have been made on your account.

• Consolidated Tax Voucher: Emailed to you annually, a Consolidated Tax Voucher is a summary of any UK and overseas dividends and interest paid, as approved by HMRC. Please note that this is only applicable to Wealthify investment products.

• Contract Notes: These are transaction receipts that can be viewed from your Plan activity page. 

You can also view how your Plans are performing online, 24/7 via your Wealthify Dashboard.

If you wish to reopen your account again at any time, simply get in touch via Live Chat on the website, call 0800 802 1800, or send us a message.

No, none at all.

Yes, you can build as many Investment Plans as you like. Some people prefer to keep their money all in one place, others will prefer to split it into separate investment plans - Wealthify lets you do either. You can even choose different investment styles for each Plan. Whatever you decide, you can rest assured that there’s no additional charge for creating more than one Plan.

Yes, you can – in our Junior ISAs which won best in class in the 2023/24 Personal Finance Awards 

Junior ISAs are a great way for parents or guardians to put aside money for when the child turns 18 in a tax-efficient way. You can find out more about this product in the Junior ISA section of these FAQs.

No, not at the moment, although we do allow friends and family members to contribute to Junior ISAs.

Yes, we can provide you with a discretionary letter. This confirms to your employer that Wealthify is a discretionary investment management service, meaning that we have complete discretion over your investments and you cannot influence any decisions we make. This is usually acceptable to most employers and should negate the need for you to declare each individual investment we buy for you. Instead, you would just need to log Wealthify as a single investment.

However, company policy varies between employers and it’s advisable to check with your employer first.

You can currently only register one bank account for deposits and withdrawals into your Wealthify account. If you would like to change your registered bank account you can do this in your account either on the website or in the app. We may need to verify the account belongs to you and will attempt to do this electronically. If you attempt to pay in using an account not yet registered with Wealthify, unfortunately, we will have to return the payment to the account it came from.

To change your bank account details on the website:

1. Log into your account
2. Click "Your Account" in the top right hand corner
3. Select "Your Profile"
4. Choose "Bank account" from the options on the left hand side
5. Scroll to the section called "Your current bank account" and click "Change your bank account"

To change your bank account details in-app:

1. Open the app
2. Tap the cog in the top right hand corner to go to your settings
3. Select "Profile"
4. Tap "Bank account" from the options under your profile picture
5. Scroll to the section called "Your Current Bank Account and click "Change Your Bank Account"

From time to time, it’s necessary to ask customers to supply a copy of their bank statement, to check the account holder’s name and/or address match their Wealthify account. This is to ensure that payments are not made by 3^rd parties.

The quickest way to provide a statement is to download a copy from your online banking service. More information about how to do this can be found on our Guide to Downloading Bank Statements.

Once you’ve downloaded a copy, send it to us in a secure message, via your Wealthify account. To do this simply sign in to your account, go to the messages tab and hit ‘Compose’, then attach your bank statement to the message.

If you receive paper bank statements, you can use your phone to take a photo of the statement (please ensure it’s face-on, clear and in focus), then sign into your Wealthify account via your phone's browser and send us a secure message with the photo attached. We also accept document scans, if that’s easier.

You can also send a paper copy (not the original) by post to: Wealthify, Tec Marina, Terra Nova Way, Penarth, CF64 1SA.

You can update your marketing preferences any time. All you need to do is sign in to your account, go to your profile and change them in ‘Preferences’.

Yes, you can use two-factor authentication (2FA) to add another layer of security to your account. When you log in, you’ll need to enter both your password and a code generated by an app on your phone. If you lose your device, you'll need to get in touch with us to restore access to your account

Step 1: Install an Authenticator App

Before you can set up two-factor authentication, you need to install Google Authenticator or Authy on your device from Google Play or the App Store.

Step 2: Go to your Wealthify settings

On a desktop, you’ll find two-factor authentication under your profile in the password settings. On the app this feature is in your settings.

Click on “Enable Two-Factor Authentication” and follow the instructions.

When the barcode appears, scan it with your authenticator app or enter the key manually.

Step 3: Verify Code

Once you’ve scanned the code, you’ll need to enter the code generated by your authentication app to enable two-factor authentication.

Every time you log in to your Wealthify account after doing this you will need to enter a code from your authentication app. Please note that if you lose the device with your authentication app on it you'll need to get in touch with us to restore access to your account.

Instant Access Savings Account and Cash ISA customers can switch from the automatic opt-in SMS/email codes, to app-generated 2FA if they choose to.

Set up a Direct Debit on our website:

1. Sign into your Wealthify account
2. From your dashboard, select your Investment Plan
3. On the right-hand side you’ll see the option to set up a Direct Debit
4. Select this and follow the instructions.

Set up a Direct Debit using the app:

1. Sign into your Wealthify account
2. From your dashboard, select your Investment Plan
3. Scroll down to view your Plan details – you should see the words 'Direct Debit' and 'Set Up'
4. Select 'Set up' and follow the instructions.

You can fund all Wealthify Plans through bank transfer. If you'd like to fund your Plan by bank transfer, this is something you’ll need to set up directly with your bank. You can do this in branch, online, or by using telephone banking.

Unlike a Direct Debit (where we can collect the money from your bank account), you’ll need to arrange for the payment to be sent to us yourself.

When you select bank transfer, we'll provide you with the sort code, account number, and payment reference so that we can easily match your deposit to your Plan.

For our Instant Access Savings Account and Cash ISA customers, you can also use faster, one-off bank payments through open banking.

One-off Direct Debits can be set up when you first open an Investment Plan, or to make ad hoc payments when you select 'top-up' on your dashboard. It uses the same mechanism as a standard Direct Debit, but it won't re-occur; we'll only take one payment from your bank account.

When you set up a one-off Direct Debit, a Direct Debit Mandate is sent to your bank. Your payment can take up to 7 working days to leave your bank account, because the Direct Debit Mandate allows you this time to change your mind. Once the money has left your account, it can take a further 2-3 days to show on your Plan.

Please note: one-off direct debits are currently only available for our investment products.

You can use a debit card to fund your pension plan, with a minimum deposit of £50 per transaction. We do not accept credit card payments.

You can’t fund your ISA or GIA with a debit card, as there is greater payment flexibility on these products. As we’re charged for each transaction by the card issuer, the fee for accepting card payments would be higher than the cost of managing your Plan. So, instead of increasing your costs, we decided not to accept card payments.

Please also be aware we do not currently allow debit or credit card payments into our Instant Access Savings Account.

Savings Accounts

Yes, you can set up a standing order into your Instant Access Savings Account and Cash ISA from your nominated bank account.

Investment Plans

No, you can’t. But you can set up recurring payments to fund your Plan with a Direct Debit, which you can set up in your dashboard.

Yes, we’ve made it easy for you to do just that. You can add regular monthly payments to your Wealthify Plan by direct debit, or top-up at any time with a one-off direct debit or bank transfer.

Unfortunately, we only currently allow direct debit payments into our Investment Plans. If you want to establish regular saving habits, you can set up a standing order into your Savings Account instead.

As an instant access account, you should receive withdrawals in your account within 3 hours.

What happens if my payment takes longer than expected?

All deposits and withdrawals are processed via the UK Faster Payments Scheme; payments between banks are processed almost instantly, and most credit the destination account instantly, too.

Sometimes, the Faster Payments Scheme takes longer for banks to communicate and send funds to each other.

In addition, we have to review every deposit and withdrawal using automated systems. 

Some payments have to be reviewed manually, which can take longer than the normal instant processing or 3 hours we indicate. We know this is frustrating, but these checks are designed to try and keep our customers safe from fraudulent activity, and to ensure we're meeting our legal and regulatory obligations.

Please see the Terms and Conditions for further information.

A VRP is a variable recurring payment. They are similar to Standing Orders, where you set up a recurring payment, selecting an amount and date that the payment will automatically be taken on.

VRPs can be taken any day of the week including weekends and bank holidays. Please note other methods such as Standing Orders are limited to weekdays.

We currently offer VRPs to be used for our Instant Access Savings Accounts (IASA) only. Other plan types may still require Direct Debits or Standing Orders instead.

You can indeed have both a VRP and Standing Order set up. However, if you have VRPs available then you will not see the screen to set up a Standing Order. Therefore, if you want to make use of both you will need to set up the Standing Order directly with your bank.

When doing so, you will need to use your savings account details that can be found on the ‘Plan Details’ section of your plan page.

Only certain banks are eligible to set up a VRP against our savings accounts. To check if you are able to set one up, you can use the below instructions to help get started!

On the Website

1. Open the website and sign in.
2. Click "View Plan" on your Instant Access Savings Account.
3. On the right of the page, you will see the option to set up a VRP.
4. Click this and follow the instructions on the screen.

On the App

1. Open the app and sign in.
2. Tap "View Plan" on your Instant Access Savings Account.
3. On the top right, tap "Plan Details" and then select the option to set up a VRP.
4. Tap this and follow the instructions.

You can use the below instructions to edit your VRP:

On the Website

1. Open the website and log in.
2. Click "View Plan" on your Instant Access Savings Account.
3. In the area for your VRP, click the "Edit" button.
4. Input the new information and click "Update”.

On the App

1. Open the app and log in.
2. Click "View Plan" on your Instant Access Savings Account.
3. Tap "Plan Details" and then tap the pencil that is in the area for your VRP.
4. Input the new information and tap "Update".

Unfortunately, not all banks are eligible to set up a VRP for use with your savings account. However, the list of eligible banks is subject to change, so yours may be able to use this feature in the future.

For the meantime, you are still able to set up a regular standing order! To do so, you will need to use the account details found in the ‘Plan Details’ section of your savings account to set this up directly with your bank.

Savings Accounts

You should receive withdrawals into your nominated bank account within 3 hours.

What happens if my payment takes longer than expected?

All deposits and withdrawals are processed via the UK Faster Payments Scheme; payments between banks are processed almost instantly, and most credit the destination account instantly, too.

Sometimes, the Faster Payments Scheme takes longer for banks to communicate and send funds to each other.

In addition, we have to review every deposit and withdrawal using automated systems. 

Some payments have to be reviewed manually, which can take longer than the normal instant processing or 3 hours we indicate. We know this is frustrating, but these checks are designed to try and keep our customers safe from fraudulent activity, and to ensure we're meeting our legal and regulatory obligations.

Please see the Terms and Conditions for further information.

Investment Plans

Withdrawals will typically take up to 30 working days. This is because your money is invested in stock markets, meaning we need to sell your investments first before we can send you your money.

Yes, the value of any withdrawal you make must be at least £1.

You’ll need to close your Plan if you’d like to withdraw your full balance.

Yes, to keep a Plan open it will need to have a balance of at least £1.

You’ll need to close your Plan if you’d like to withdraw your full balance.

Savings Account

Interest is earned up to and including the day prior to withdrawal of funds or closure of the Account. Customer’s cash plans will not be closed until both funds are returned and interest is paid into the customers nominated account.

Investment Plans

The amount displayed on your dashboard is an indicative amount only.

Investment price fluctuations mean that the value of your investments may change between the time you make your request and we sell. This means you could get back less than what was showing in your Plan.

If you request a partial withdrawal, we’ll sell as many of your investments required to get as close to the amount you request.

In the rare event that we cannot sell down your investments straight away, we’ll send you what we can, with the rest to follow when the remaining sale(s) can be completed.

Yes, you can withdraw money from your Wealthify Flexible Stocks and Shares ISA in the same way as a General Investment Account. Since it’s a flexible ISA, you have the added benefit of being able to withdraw and redeposit funds within the same tax year, without impacting your annual ISA allowance.

This flexibility sets Wealthify’s ISAs apart from standard, non-flexible ISAs. With a standard ISA, if you had already invested the full £20,000 annual limit then withdrew £1,000, you wouldn’t be able to add any more funds until the next tax year because your allowance would be used up. Flexible ISAs eliminate this restriction, giving you greater control over your money.

For Junior ISAs and Self-Invested Personal Pensions, you can only withdraw once they have reached maturity, this is when the child turns 18, or the pension holder turns 55 respectively.

Cash Park temporarily reduces your investment risk by moving some or all of your Investment Plan into cash. Some customers choose to change their investment style if they feel concerned about stock market movements. However, our Cash Park facility goes one step further without affecting your ISA allowance, as you don’t need to remove money from your Plan.

Cash Park is best used as a short-term measure, as ‘parked’ money isn’t invested, meaning you won’t benefit from any improvements in the market. You should consider the potential impact of this on your expected returns. You won’t earn interest on parked cash, and the effects of inflation on your returns may be higher. If you can, it’s generally better to leave your money invested, to allow the market opportunity to recover from any losses.

Cash Park isn’t a Cash ISA. Any money in Cash Park is held within your existing Investment Plan. If you have a Stocks and Shares ISA, any parked cash will still count towards your annual ISA allowance. If you want to change your investment style, please contact us, and we’ll make the change for you.

Cash park is not available for our Wealthify Pension, Instant Access Savings Account, or Cash ISA.

You’ll need to login to your Wealthify account. From there, select the plan you want to amend, and you’ll see the option to ‘Park some of your plan in cash’.

Choose the percentage of your Plan that you want to park, and changes will be made the next time our investment team trades. It usually takes between 3-5 days for any changes you make to reflect in your Plan. You can adjust this percentage and reinvest at any time.

There must be £100 minimum held in the plan before you are able to benefit from using the cash park functionality. 

We’ll make the change the next time our investment team trades, it then takes between 3-5 days for any changes you make to reflect in your Plan.

Cash park is not available for our Wealthify Pension, Instant Access Savings Account, or Cash ISA.

You can move as much or as little as you want, as long as you have a minimum of £100 held in your Plan; just select the percentage of your current investment you’d like to move. Your selected Cash Park percentage will also apply to any money you invest in this Plan in the future. You can come back and adjust this percentage at any time (you can also change the percentage of your Plan held in Cash Park at any time).

Transaction costs will be incurred each time you move money in and out of Cash Park. These are part of the investing process and, while not strictly a charge, they do slightly reduce your returns — and should therefore be considered when using Cash Park.  You can find out more about transaction costs here.

You won’t pay annual fees or fund fees on money while it is held in Cash Park.

Transaction costs will be incurred each time you move money in and out of Cash Park. These are part of the investing process and, while not strictly a charge, they do slightly reduce your returns — and should therefore be considered when using Cash Park. You can find out more about transaction costs here.

No, these are two different Wealthify offerings. Cash Park is exclusively an element of our investment products, and does not act as a savings account.

Vulnerability is the term given to a customer who, due to a wide range of potential personal circumstance, might find it harder to use Wealthify. Whether it’s a sudden, one-off life event like a bereavement or job loss; a long-term illness or disability; restricted technical or financial knowledge, vulnerability can affect people of all ages and backgrounds.

When getting in contact with us to discuss extra support, we appreciate you might not identify with the term vulnerable (it is a financial industry term, after all).

That’s why we pride ourselves on treating each and every customer uniquely, listening to and actioning any additional needs on an individual basis.

It doesn’t matter if a carer manages your finances, or you need accessibility help within the app; speaking to our award-winning Customer Care Team about your circumstances can help you make the most of your Wealthify experience — in a way that works for you.

Even though we’re not in position as a company to give any financial advice, there are many ways in which we can offer support, including:

• Multiple communication channels – including secure message, Live Chat, and telephone – so you can speak to us in a way that suits you.
• Clear, simple, jargon-free communication at all times.
• Alternative format communications such as braille, large print, and audio (all available on request).
• If you’re experiencing any sort of financial difficulties, we can also point you in the direction of external charities and organisations that can provide more specific, tailored advice, help, and guidance based on your situation:

Gambling – Gamblers Anonymous

Money Management – Step Change Debt Charity

Fraud – Action Fraud

Financial Abuse – Surviving Economic Abuse

Mental Health – Mental Health UK

Health – Macmillan

We want to make telling us about any extra support you might need as simple, speedy, and stress-free as possible. So, regardless of your situation, simply get in contact with our Customer Care Team by sending them a secure message, starting a Live Chat, or calling them on 0800 802 1800.

In the unfortunate event of an account holder passing away, please contact our Customer Care Team, who will be happy to provide you with more information on what to do next. You can get in touch with them using LiveChat, emailing [email protected], or phoning 0800 802 1800.

We’ll require a few documents to be able to process the account (such as ID, bank statement, and the death certificate), but will confirm exactly what is required once we’ve been notified.

Please note that communications from Wealthify to the account holders account may not stop immediately, we will do our best to stop as much communication as we can —we apologise for any distress this might cause.

Once we have been notified by your next of kin, we will freeze your account to prevent any further payments and withdrawals. Before we are able to begin selling down the funds, we will require some additional documentation, which will be specific for the product(s) you hold in your account. If you owe fees, we may sell your assets to pay for this.

Please note there are no fees associated with any Wealthify Instant Access Savings Account or Cash ISA.

The process is slightly different with pensions, as it will depend on what age you are when you pass away and whether you have accessed your pension. The main difference is if you pass away before 75, in which case your pension passes - tax-free - to your beneficiary.

We use different custodians for different products, meaning there will be different documentation required for each. We will let you know the exact documentation required once you have contacted our Customer Care Team.

Whether probate is required will depend on the type of product held in the account and the Plan value. Our Customer Care Team can provide more definitive information when you contact them.

If you pass away before the age of 75 the Pension Plan will be paid out tax free to the beneficiary/ies. This would be either as a lump sum or as a beneficiary pension. There are two years from the notification of death to make the death benefit payment to the beneficiary/ies, otherwise the payments to the beneficiary/ies will be taxed.

Please note if the non-taxable benefit payment is made into a beneficiary Pension within the 2 years, then it will not be subject to tax for the remainder of the time it is in the beneficiary pension plan.

If you pass away after the age of 75 the Pension Plan will be paid at the beneficiary/ies tax rate, this would be with either a lump sum payment or when taking income from a beneficiary pension.

We ask that all LOA requests are sent to our dedicated LOA email: [email protected]

If your LOA request is password protected, please include the Account Reference or Plan Reference in the email’s subject line.

For us to action the LOA request, the LOA document MUST contain the following:

• The LOA request be on your Company’s Headed Paper.
• Account holder’s name, date of birth, full address, and National Insurance Number.

We aim to reply to you within 3-5 working days of receiving the information request. However, it may be sooner.

We do ask that all document requests be made by email. This is to ensure a trail of the request and us issuing the information.

With all information requests, we supply the following as standard:

• Plan Overview Letter (Per Plan)
  An overview of the Plan, including management fee, average investment cost, recurring payments, and Plan creation date.
  
  
• Current Holdings Report (Per Plan)
  Information on the investments currently held within the customer’s Plan.
  
  
• Full Transaction Summary (Per Plan)
  Shows all transactions within the customer's Plan.
  
  
• Full Deposit Summary (Per Plan)
  Shows all deposits made into the customer's Plan.
  
  
• Full Withdrawal Summary (Per Plan) (if applicable)
  Shows all withdrawals made from the customer's Plan.
  
  
• The latest quarterly statement

Yes, you can. Once the Letter of Authority (LOA) document has been applied to the account, you’ll be able to ring and get information verbally in relation to the customer’s account. If you want anything in writing or via email confirmation, you MUST send us a physical request in the post or email us.

There are two types of costs and charges to be aware of when investing with Wealthify – a Wealthify management fee and investment costs. Investment costs include fund charges (taken directly by the fund provider) and market spread.

Wealthify Management fee

Wealthify has a simple annual fee structure, payable monthly based on the value of your investments. This fee covers everything we do, including setting up your account, looking after your money and optimising your investments, which is known as 'rebalancing’.

Fund charges

We invest your money in carefully selected, low-cost investment funds from providers such as Vanguard and Blackrock. These incur a small annual charge, which is taken at source by the fund provider.

Market spread

These costs are incurred as a result of the process of buying and selling investments and as such must be considered as part of the overall cost of investing. 

To get an idea of what your fee would be, why not check out our Fee Calculator.

Our annual management fee covers everything we do: our experts building and managing your Investment Plan; buying and selling on your behalf; rebalancing; and our Customer Care Team being on hand to solve issues or answer any questions.

In addition to this, we offer:

• Live chat, phone and email support
• Visibility and tracking of your money 24/7 in App or online
• Free withdrawals on our ISA and GIA products
• No charge to transfer in or out
• Securely held investments with an FCA regulated custodian
• Investment news and insights in our monthly market update and blog

There are some other costs that may apply, which is normal for investments, but we do our best to keep these low. These costs, including fund charges, are taken directly by the fund provider and market spread – which is the difference between the price we buy and sell investments.

Please, see our fees page for the latest management fees and investment costs. 

Market spread is not strictly a charge, but rather a consequence of the investing process. Nevertheless, it does slightly reduce your returns, and therefore must be considered as part of the overall cost of investing.

Market spreads are incurred because of the difference between the price at which we can buy an investment and the price at which we can sell it. Say, for example, during a normal trading day, shares in ‘Company A’ are available to buy at 500 pence. At that same point, we might only be able to sell at 498 pence. This difference, whilst sometimes small, can affect the overall value of your investments over time and is the reason you must take market spread into account.

Since we don’t deduct them directly, and due to their nature, we are unable to include market spread in the annual management fee which covers our day-to-day management of your investment plans.

Visit our fees page for the latest management fees and investment costs. 

Wealthify Management fee: Our management fees are quoted on an annual basis, to make them clearer for you, but we take them on a monthly basis, directly from your Wealthify account. You can see exactly what fee you pay each month by looking in your recent transactions list on your dashboard.

Investment costs: These include fund charges, taken directly by the fund provider at source, and market spread.

Fund charges are taken at source by the companies (like Blackrock, Fidelity and Legal & General) who manage the funds into which we invest your money. Fund charges vary between funds and providers, so we quote them to you as an average annual charge. Because they are taken at source, they are not listed in your recent transactions, but they are a part of the overall annual cost of your investing.

Market spread is not actually taken directly from your account by us, or by your fund providers. In simple terms, it is a consequence of the investing process and is incurred each time we buy and sell investments on your behalf. It must therefore be considered as part of the overall annual cost of investing.

Visit our fees page for the latest management fees and investment costs. 

We use a simple annual fee structure that covers all costs and charges associated with investing and managing your money. Fees are quoted annually, but charged monthly, calculated as 1/12 of your annual fee.

The amount you pay will be based on the total value of your investments across the month. This means you’ll only be charged for the days of the month that money is held in your account.

Visit our fees page for the latest management fees and investment costs. 

Wealthify uses technology to keep costs low. Our algorithms automate some of the investment process, like market monitoring and asset selection, which means we don’t need to employ expensive fund managers to do it.

Also, we use mostly passive investment funds which are some of the lowest-cost funds available, and we’re fully online, so we don’t spend time on costly one-to-one client meetings. We pass all of these savings straight back to our customers, by charging a simple tiered fee structure.

Visit our fees page for the latest management fees and investment costs.

Yes, any VAT you are eligible to pay is included in your annual fee.

As with most investments, other costs can apply but we aim to keep these as low as possible. Investment costs include fund charges, taken directly by the fund provider and market spread (the difference between the price we buy and sell investments).

Fund charges in your contract notes may also change slightly over time, depending on the mix of funds we use (learn more about Fund charges here).

Visit our fees page for the latest management fees and investment costs. 

The fee you pay depends on the total value of your investments which, in turn, depend on the performance of the markets and regions into which you’re invested at any given time, which can go down as well as up. It also depends on whether you add or withdraw money during the month. Therefore, it’s impossible to predict what your plan will be worth in any given month and consequently what fee you’ll pay. You can use our fee calculator to give you a good idea of what you might pay in the first month.

No, we've made sure that the management fee you pay Wealthify covers the cost of the Pension service provided by Embark Investment Services. Embark does, however retain part of the interest earned on cash to cover the cost of managing that cash.

The one exception to this is in the event of a divorce, where the pension is subject to a splitting or sharing order. A one-off charge of £120 covers all administration in dealing with the pension sharing order, as well as liaising with third parties such as courts or solicitors.

There are absolutely no fees to use our Instant Access Savings Account or Cash ISA.

Sharing Wealthify with your friends is easy. All you need to do is send them your unique referral code.

You can find your code under the ‘rewards’ tab on the app or in the ‘Refer a Friend’ section on your dashboard.

This code is a unique link, that you can share however you want: email, WhatsApp, social media, etc.

Your friend can use this link to find out more about Wealthify, before choosing to start their own Investment Plan. This link is also how we track the referral bonus, so they’ll need to use this link to be eligible for the £50 cashback.

The Terms & Conditions can be found here.

Yes, if you have at least one invested Stocks and Shares ISA, Junior ISA, or Self-Invested Personal Pension (SIPP)with Wealthify, then you can refer your friends. If your invited friend goes on to successfully open a Wealthify Stocks and Shares ISA, Junior ISA, or Self-Invested Personal Pension (SIPP); deposits at least £1,000; and leaves it invested for six months or more; both you and your friend will receive £50 paid directly into your respective oldest active Investment Plans.

If the Wealthify Plan is a Personal Pension (SIPP) the cashback will be paid into the bank account associated with the Wealthify account.

This offer is not available for Wealthify’s Instant Access Savings Account, Cash ISA, or General Investment Account.

Yes, you need to have at least one active and funded Wealthify Stocks and Shares ISA, Junior ISA, or Self-Invested Personal Pension (SIPP) to qualify for this cashback offer. This offer is not available for Wealthify’s Instant Access Savings Account, Cash ISA, or General Investment Account.

There is no limit on the number of referral invites that can be sent, but the number of friend recommendations qualifying for a payment is capped at 50 (and this offer is also subject to availability).

For example: If you referred 55 friends and they all qualified, they would each get £50 added to their Plan — but you would only receive a total of £2,500.

Any friend you refer would need to be completely new to Wealthify. If they've already signed up but not created a Plan, then they won’t be eligible for the offer. Once they fund their Plan, they can start inviting friends of their own.

Your friend must be a new customer to Wealthify, sign up using your unique referral code and invest at least £1,000 in their Wealthify Stocks and Shares ISA, Junior ISA, or Self-Invested Personal Pension (SIPP). Their £1,000 will then need to be invested with us for six consecutive months. They can do this by either:

• Funding their Investment Plan with a one-off payment of £1,000; or
• Funding their Investment Plan with instalments (i.e. a Direct Debit of £200 for five months)
• If your friend doesn’t invest £1,000 as a one-off payment, cashback will be paid once their balance reaches and remains over £1,000 for six consecutive months. They’ll be able to top-up and withdraw from their Wealthify Stocks & Shares ISA, as long as their balance remains above £1,000. Please note that the terms for a Wealthify JISA and SIPP are different, as they will both have to have matured before withdrawals can take place.

If your friend doesn’t fund their new Plan within six months, we will close their Plan, and no claim can be made under the offer. This offer is not available for Wealthify’s Instant Access Savings Account, Cash ISA, or General Investment Account.

The cashback will be paid automatically into your oldest active Wealthify Investment Plan within 30 days of our criteria being met. You can see the full criteria in our Terms & Conditions. 

If the cashback is being paid into a Stocks and Shares ISA and this would take you over your ISA allowance for that year, we’ll pay it directly into the bank account you’ve registered with us. We may request evidence of the maximum ISA allowance being reached, if ISAs are held with other ISA managers before a bank payment is made.

If your friend withdraws money from their Investment Plan which takes them below the qualifying investment amount, cashback will not be paid to either you or your referred friend.

However, if the value of their Plan falls below £1,000 due to movements in the market, then we'll still pay the cashback.

The cashback will form part of the current tax year’s ISA allowance if it’s deposited into a qualifying Stocks & Shares ISA. If the maximum allowance under ISA rules has been reached, we will pay it directly into the bank account that you have registered with us. We may request evidence of the maximum allowance being reached, if ISAs are held with other ISA managers before a bank payment is made.

The cashback will form part of the current year’s Junior ISA savings limit if it’s deposited into a qualifying Junior ISA and will form part of the child’s investment. If the maximum savings limit under ISA rules has been reached, the cashback will be paid into the Junior ISA plan in the following tax year.

Any cashback that would take you over your Stocks & Shares ISA allowance will be paid directly into the bank account you’ve registered with us. We may request evidence of the maximum ISA allowance being reached if ISAs are held with other ISA managers before a bank payment is made.

Any cashback that would take a Junior ISA over the Junior ISA savings limit in the current tax year will be paid into the Junior ISA plan in the following tax year.

Once your friend has had at least £1,000 invested for six consecutive months, they’ll qualify for cashback. We will pay this to both of you, automatically, within 30 days of the date your friend qualifies.

You can track your referrals when you visit your Wealthify account, where you can see how many people you’ve invited, how many accepted your offer, and how much cashback you’ll receive.

If your friend clicks through to Wealthify from your Refer a Friend link and creates their own Plan, the status will show as ‘signed up’. Once they qualify for the cashback, it will change to ‘pending’ until the cashback is paid.

There are a number of reasons you may not receive cashback after you’ve referred a friend.

Due to data protection, we cannot disclose details of your friend's account. However, if someone doesn’t deposit the correct qualifying amount or they withdraw money from their Plan within the qualifying dates, they will either invalidate the offer, or they’ll need to meet the criteria again to receive the cashback.

You can track your referrals when you visit your Wealthify account, where you can see how many people you’ve invited; how many accepted your offer; and how much cashback you could receive.

Each stage of the process will be as follows:

Signed Up: Someone has accepted your Refer a Friend request.

Pending: Your friend has qualified. 

Paid: The one you’re waiting for! The cashback has been paid into your Plan.

Not Taken Up: If someone doesn’t accept your request or doesn’t meet the eligible criteria. 

If your friend clicks through to Wealthify from your Refer a Friend link and creates their own Plan, the status will show as ‘signed up’. Once they qualify for the cashback, it will change to ‘pending’ until the cashback is paid. 

Cashback will be paid 30 days after your friend reaches the criteria of having £1,000 or more invested for six consecutive months.

Cashback will not be paid if you close your Wealthify Plan. You’ll need to have an active Wealthify Plan to qualify for the offer.

Unfortunately, you can only use the referral code to open the following Wealthify Investment Plans: Investment ISA, Junior ISA, and Personal Pension (SIPP). Our Instant Access Savings Account, Cash ISA, and General Investment Account are not currently included in this particular referral scheme.

We aim to provide you with the best possible service at all times, but understand that sometimes customers might feel disappointed. You can let us know about your complaint by sending us a message from your Wealthify account via our LiveChat online and on the app; calling our team on 0800 802 1800; via secure messaging within your account; or by writing to us at Wealthify, Tec Marina, Terra Nova Way, Penarth, CF64 1SA.

We’ll deal with your complaint as fairly and quickly as we can, in accordance with the requirements of our regulator, the Financial Conduct Authority. 

If you aren’t happy with the way we’ve dealt with your case, you may be able to refer your complaint to the Financial Ombudsman Service. As an independent public body established by Government, please remember that the Ombudsman won’t look at a complaint until it has been raised with us (and we’ve had reasonable time to investigate and respond).

You have the right to refer to the Ombudsman, free of charge - but you must do this within six months of your communication with Wealthify. If you don't refer your complaint in time, the Ombudsman won't have our permission to consider your complaint and will only be able to do so in very limited circumstances (for example: if it believes the delay was as a result of exceptional circumstances.)

Our complaints policy is here.

• Sign up, create, and fund your Investment Plans and Savings Accounts
• Enjoy a simpler, jargon-free experience
• Transfer existing ISAs to Wealthify
• Monitor your investments via your dashboard
• Top up or withdraw funds in just a few taps
• Enhanced security features like Face ID verification on enabled devices

It’s available on both iOS and Android devices, mobile and tablet.

Find it in the App Store and Google Play

Yes, Wealthify is authorised and regulated by the Financial Conduct Authority (FCA).

The FCA regulates the financial services industry in the UK. It has three operational objectives in support of this strategic goal: to protect consumers, to protect and enhance the integrity of the UK financial system, and to promote healthy competition between financial services providers in the interests of consumers.

When you sign up for a Wealthify Plan, we'll use the bank details you give us and online sources (such as the electoral roll and credit reference agency databases) to check both your identity and address. We need to obtain this information in order to comply with UK anti-money laundering regulations.

Occasionally, we may not be able to verify your identity electronically, in which case we'll get in contact with you to request additional forms of identification.

The type of identification we ask for will depend on what details we need to confirm. We will ask you to send one or more items from LIST A if we need proof of address identification, and one or more forms of ID from LIST B if we need proof of identity. Both lists are below.

Please note:

• Please only send us certified copies of your photo ID; don’t send original copies, as we cannot accept responsibility if they get lost.
• We accept original or certified copies of statements and letters, but unfortunately can’t guarantee to return these. Please don’t send originals if you need them back.

A certified copy is a photocopy or scan of your original ID, signed by a responsible third party to certify that it is a true copy. There’s a list of suitable certifiers below.

Proof of Address

N.B. Your proof of address MUST CLEARLY show your full address to be accepted. PO Boxes WILL NOT be accepted.

We will accept:

• Utility bill issued within the past three months
• Local authority council tax bill for the current council tax year
• Bank, Building Society, or Credit Union statement or passbook dated within the last 3 months.
• Original mortgage statement from a recognised lender issued for the last full year.
• Solicitor’s letter confirming recent house purchase, or land registry confirmation of address.
• Council or housing association rent card, or tenancy agreement for the current year.
• Benefit book or original notification letter from Benefits Agency (not acceptable as proof of name).
• Inland Revenue self-assessment or tax demand.
• NHS Medical card
• Letter from a care home

Proof of identity

DO NOT send originals of the documents in this list as we CANNOT guarantee to return them, and we DO NOT accept responsibility for loss of original documents sent to us.

Please send certified copies only i.e. a photocopy or scan of your original ID, signed by a responsible third party to certify that it is a true copy. A list of suitable certifiers can be found below.

We will accept

• EEA member state identity card (this can also be used as evidence of address if included).
• UK Passport.
• Current UK or EEA photocard driving licence.
• Full old-style (paper) driving licence.
• Photographic registration cards for self-employed individuals in the construction industry (CIS4).
• Benefit book or original notification letter from Benefits Agency.
• Firearms or shotgun certificate.
• Residence permit issued by the Home Office to EEA nationals on sight of own country passport.
• National identity card bearing a photograph of the applicant.

Approved certifiers

The person who certifies the copy of your original identification must hold a position of responsibility, such as those described in the list below.

• Bank or building society official
• Councillor
• Minister of religion
• Dentist
• Chartered accountant
• Solicitor or notary
• Teacher or lecturer

The person certifying your documents must also:

• Print their name, sign and date the copy document, and state in writing ‘I certify this to be a true copy of the original document, which I have seen’.
• Confirm their position (in line with acceptable certifiers list below) and provide a contact telephone number or email address where they can be contacted.
• Where a document has a photograph, the certifier must confirm in writing ‘I certify that this is a true likeness of (your name)’.

If available, they should stamp the copy with an official company stamp.

We partner with Credas and Onfido to collect ID documents when you sign up for a Wealthify account. Should you need to send us documents, one of our operations team will send you a Credas link where you can securely upload your documents.

Alternatively, you can send your ID in the post to: Wealthify, Tec Marina, Terra Nova Way, Penarth, CF64 1SA.

It’s up to you. You should not send any original ID to us, as we cannot take any responsibility for it being returned safely to you, this makes it less necessary to use registered post, however you can if you wish.

No, we don’t run a formal credit check. We use the credit reference agencies to verify your details and this leaves a footprint on your profile, but it doesn’t affect your credit rating in the same way as a credit check.

You can find our Terms and Conditions here: www.wealthify.com/terms-and-conditions

We need to know your nationality as part of our regulatory requirements. If you’re a UK national, this is covered with your National Insurance Number; for non-UK nationals or those with dual-nationality, we’ll need your National Client Identifier.

Please note: US citizens or those paying tax to the US are not able to invest or save with Wealthify.

Please note: MIFID II only applies to our investment products.
Its full name is Market in Financial Instruments Directive II. Its key aims are to offer better investor protection and increase transparency. It does this in several ways, and we’ve included the highlights below.

Costs & charges
Traditionally, some investment companies haven’t included all the costs that relate to the service provided. For instance, not including fund charges or the transaction costs related to buying and selling investments. These must now be included to make it clear exactly what you’re paying for.

Research has previously found that some customers struggle to understand charges when displayed as percentages. MiFID II requires investment companies to show this in both percentages and monetary amounts, making it easier to see what the service costs you.

Knowledge & competence of employees
MiFID II introduced new rules around the knowledge and competence of employees, ensuring that the employees you speak to have an excellent understanding of the products and services we offer. Clearly, this has always been a top priority for us!

Suitability
The new regulation has strengthened the rules around, ensuring that companies offer their customers suitable investment portfolios. We do this when you go through our questionnaire when you first sign up to Wealthify.

Transaction Monitoring
We are now required to report the trades we place to the regulator, the Financial Conduct Authority (FCA). This allows the FCA to keep tabs on all the trades placed by investments companies throughout the UK, to protect both the financial system and yourself from any potential market abuse (sometimes called insider trading).

We issue a yearly tax statement to customers who hold investments within a general investment account (GIA) or in other words a 'non-ISA' account.

If you hold a GIA, you'll receive a Consolidated Tax Certificate (CTC), which includes details of any dividends and income for the period.

As dividend, income or capital gains are not reportable on ISAs, you will not receive a report if you hold an ISA plan.

Each time we buy and sell investments on your behalf, it results in a capital gain or loss. Your account will contain all transaction information, which can then be used to calculate this figure, since we may still trade on your behalf during periodic rebalancing of customers’ Plans. If you need to declare capital gains on your self-assessment tax return, you’ll need to combine this figure with any other capital gains or losses made from other investments you hold. If you're subject to UK tax in the usual way, you have a capital gains total allowance of £6,000 in the financial year 2023/24, and will only need to report total gains in excess of this.

Receiving a CTC does not mean that you have to complete a tax return — we are required to send this information to customers who held any investments outside an ISA for any time during the period.

If you’re unsure if you have to complete a tax return, visit www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return or call the HMRC helpline on 0300 200 3300.

Learn more about Capital Gains Tax: www.gov.uk/topic/personal-tax/capital-gains-tax

The tax treatment of your investment will depend on your individual circumstances and may change in the future.

Interest generated on your Savings Account is classed as taxable income. This means, depending on your personal circumstances, you may need to fill out a self assessment of the interest your savings generate. For more information (and to find out if it applies to you), click this link to the HMRC website.

Wealthify is backed by Aviva, the UK’s largest insurance provider and a global financial services company.

Wealthify remains fully authorised and regulated by the Financial Conduct Authority. Our customers’ money will be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000.

Aviva and Wealthify are independently covered by the FSCS scheme, so a customer holding funds with both companies will be covered by the FSCS on each of their balances up to £85,000.

We’re based in Cardiff, in South Wales. Wealthify is a UK limited company registered in England and Wales (No. 09034828). Our registered office is Tec Marina, Terra Nova Way, Cardiff, CF64 1SA. We are authorised and regulated by the Financial Conduct Authority (No. 662530).

No. We are not regulated to give you advice on whether investing is right for you. If you’re unsure, you should always seek the advice of an Independent Financial Adviser (IFA).

This depends on which product you have with us.

Investment Pathways are highly governed funds that are designed and approved for drawdown. There are four different Pathways you can choose from, depending on when you’re looking to take an income from your pension. The four Pathways are determined by whether you plan on:

1. Not touching your pension in the next five years
2. Setting up a guaranteed income within the next five years
3. Taking a long-term income from your pension within the next five years
4. Taking all your money out within the next five years

Each Investment Pathways fund is designed to match your needs, but they are single fund solutions and not a Wealthify Plan.

Yes, although Wealthify's Pension is not an Investment Pathway, it does support drawdown.
If the Investment Pathways don't meet your retirement objectives and you want to maintain your Wealthify Pension then you don't have to do anything or you could change your risk level.

As we offer a non-advised service, the government make it mandatory that we help you check that your investments are right for you heading into retirement. Part of this includes offering Investment Pathways, an initiative from the Financial Conduct Authority (FCA).

If you're unsure of your retirement objectives, or if you need help financially planning for retirement, then you may wish to speak to an independent financial advisor.

By choosing Pension Pathways, you’ll need to fill out a questionnaire to help you understand your drawdown plans. We’ll then share a set of mandatory funds, operated by Hymans Roberston, which are designed and approved specifically for withdrawing from your pension.

It’s worth noting that you do not need to decide based on the outcome of this questionnaire and the options listed above will still be available to you.

Yes. Inflation is a big factor when looking at your pension, as it’s typically quite a few years away, during which the price of things will continue to go up with inflation. 

At Wealthify, we always aim to offer inflation-beating returns even with our Cautious Plan, and we’ll continue to work on growing your Plan even when you’re drawing from your pension.

Our pension calculator works out your retirement income based on the size of your pension and whether you’ll receive the State Pension, and divides this by the number of years you’ll likely be retired for.

For example, if your total pension value is £200,000 and you’ll aim to be retired for 20 years, then your retirement income would be £10,000 a year.

That depends on your circumstances. In order to get the full basic State Pension, you’ll need a total of 30 qualifying years of national insurance contributions. There are a few ways that you’re able to be eligible:

• By working and paying National Insurance
• Receiving National Insurance Credits from unemployment, sickness or as a parent/carer
• Paying voluntary National Insurance contributions

If you’re still not sure, then you can check with the Pension Service.

When you’ll receive State Pension depends on your date of birth, but it’s worth noting that you can keep working after you reach this age. The new State Pension age ranges from 67 to 68, but this may change in the future.

For more details of what your State Pension age might be, please visit: State pension age.

This is entirely up to you and will depend on your personal circumstances.

It may be worth considering when you’ll be able to get your pension; for example, with a personal pension, you can start drawing down from your pension when you’re 55 (57 as of 2028). The State Pension, on the other hand, depends on when you're born, and will be available when you turn 67 or 68.

If you’re not sure when you’ll be able to afford to retire, then it may be worth speaking with a financial advisor.

Understanding how long you’ll live is quite tricky – and more than a little daunting. So that you don’t have to guess, we use the ONS Life Expectancy Calculator, which works out your life expectancy based on your current age and sex.

There are a lot of things that can impact how much money you’ll need for retirement. For example, will you still have a passive income, for example, from renting property? Are you planning on travelling elaborately or just enjoying some peace and quiet?

A general rule of thumb is to aim for a pension that pays out two thirds of their current salary each year. For example, if your salary is £30,000 a year then you may want to aim for a pension pot that pays out £20,000 each year.

It’s believed that your living costs in retirement are lower than they are now. But this assumes that you no longer have a mortgage to pay off and you won’t have commuting and other work-related costs. However, you may have increased medical or mobility costs, so this generalisation may not apply to everyone. If you’re unsure of how retirement will change your living costs, it may be worth talking to a financial advisor.

The State Pension is a regular payment you should receive from the government when you reach retirement age. And the income you receive depends on you having paid a certain level of national insurance contributions over your working life. To get any state pension, you’ll need at least 10 years’ worth of contributions – if you don’t meet this requirement, you may not receive any money from the government.

For more information on the State Pension, please visit: https://www.gov.uk/state-pension